ID Co launches Open Banking API platform

ID Co. has launched its Open Banking API platform with full support for all of the Leading UK banks.

Customers can now use the DirectID platform to access a series of open banking solutions, with a number of connections already live. Some of the banks connected include Barclays, HSBC, Lloyds Group, Santander, The Royal Bank of Scotland, Nationwide, Starling Bank and Monzo.

As well as bank integrations, the platform offers a consent management service, which includes a user experience widget and a standardised open bank data API.

The ID Co. platform is live with lenders, banks and FinTechs across the UK, US, Australia, Canada, and the Netherlands. Along with open banking support, its platform offers help with income verification, assess customer affordability, verifying account information, reducing fraudulent applications and improving credit risk exposure with real-time assessments.

Authorised by the FCA, the company provides account information service provider (AISP) services to the UK market. Its Direct ID solution it’s a plug and play identity and bank data service to help businesses lower fraud and improve efficiency.

Tools available can be used to verify income of customers, accelerate manual underwriting processes, access transaction data, and view credit risk to protect against AML and KYC verification.

The ID Co CTO Scott Leckie said, “Completing the open banking integrations with the leading UK banks is an exciting step for our business and allows us to extend our platform coverage in the UK for both existing and new customers.

“Over the next few months, we will continue to add support for additional UK banks, provide support for new Open Banking V2 data blocks, as well as release new products and features based on bank data.”

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