Hastings Direct Loans has partnered with D•One, the ClearScore Group’s Open Banking business unit, to be able to better assess prospective borrowers’ affordability and offer broader access to affordable loans.
Through the new partnership, D•One will enable Open Banking connectivity and transaction categorisation intelligence.
Its transaction categorisation engine allows clients to classify and analyse bank account transactions.
Hastings Direct Loans, which is part of the Hastings Group, will take Open Banking data for prospective borrowers from D•One, so that it can assess their affordability via the ClearScore marketplace.
At the start of customers’ loan searches, D•One will supply Hastings Direct with bank transaction data, which is then processed by Hastings Direct to make more informed credit decisions.
Tim Kelleway, managing director at D•One, said: “We are helping lenders perform rapid and detailed affordability calculations, resulting in a fairer assessment of borrower risk and a smoother process for customers.
“An increasing number of loan providers are leveraging our huge volumes of banking data to drive more sophisticated pricing and risk management, and we’re delighted to support Hastings on that journey.”
Hastings Direct is the 20th partner to have signed up with D•One in 2024, with Abound, Zopa, Plend and Salad Money already having done so this year.
Adam Malcolm, chief executive officer of Hastings Financial Services, said that its strategic partnership with D•One “will significantly enhance our ability to serve a larger and more diverse customer base through the integration of Open Banking data”.
“This collaboration will enable us to better understand and address our customers’ needs by providing an increased level of precision in evaluating their financial situations,” Malcolm added.
Further reading: ClearScore Group’s Open Banking arm D•One partners with Inicio AI
