Short term lender Roma Finance has completed the pilot phase of its Open Banking platform.
The firm launched its Open Banking platform in September and has helped the bank to speed up access to a read-only version of applicants’ bank statements.
Roma’s brokers and customers have benefited from less hassle and delays when collecting paper statements, and lending decision.
Open banking standards are built with a focus on data security and customer consent, and this new platform uses 256-bit encryption and does not leave footprints on credit files of customers.
Roma Finance managing director Scott Marshall said, “We are continuing our strategy of investing in technology to ensure Roma Finance is the most technologically advanced lender in our sector. It’s our intention to constantly improve the way bridging loans are completed for the benefit of our introducers and their customers.
“We’re already completing many cases inside fifteen days and developing new initiatives such as Open Banking will help everyone involved and lead to a smarter way to make good and timely lending decisions.”
The firm has a number of technological developments being worked on in its pipeline which will enhance and accelerate the customer journey. More details of these solutions will be revealed over coming months.
Earlier in the week, Kotak Mahindra Bank launched its open banking platform to support the collaboration between FinTechs, enterprises and app developers. The India-based bank gives FinTechs and developers access to its payments and lending APIs to help build more innovative and customer-centric services.
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