BFS launch open banking
Bridging Finance Solutions (BFS) has launched open banking.
This will allow BFS to access a client’s financial data with full permission.
Rachel Davis, head of underwriting at BFS, said: “Open Banking ultimately negates the need for traditional hard documentation.
“It provides real time access to a client’s financial accounts whilst allowing access to the past 90 days transactions, which form an integral part of the due diligence process.
“The platform allows us to identify incomings and expenditure, examine credit rating and consider affordability, allowing us to make decisions within minutes.”
BFS have chosen Perfect Data Solutions Ltd as its open banking partner.
Davis added: “There is a lot of administration associated with any type of lending, however, time is often a key factor when bridging.
“Open Banking allows us to speed up this area of the application process in a safe and secure way.”