Credit Kudos takes the lead in the Open Banking rollout race

Credit Kudos is excited to announce the successful roll-out of Open Banking connections with the largest UK banks, becoming the first credit bureau to offer Open Banking services to lenders and individuals. By allowing borrowers to easily and securely share financial data in support of credit applications, Credit Kudos has made significant progress towards its goal of shaking up traditional credit scoring.

Borrowers can now use Credit Kudos to verify income and demonstrate creditworthiness using their financial history data, giving individuals more control over their credit score. Lenders partnered with Credit Kudos eliminate the need for borrowers to manually fill out forms or upload documents, making it easier and faster to apply and be accepted for loans.

As an FCA-authorised Account Information Service Provider (AISP), Credit Kudos has been working closely with the UK’s largest banks throughout the three month managed rollout period, which began in January with the launch of Open Banking. Credit Kudos has now launched open banking connections with Lloyds, Halifax, Bank of Scotland, Royal Bank of Scotland, NatWest, Ulster Bank, Allied Irish Bank, Danske Bank, and HSBC.

Freddy Kelly, CEO of Credit Kudos: “Open Banking is putting individuals back in control of their own financial data. With Credit Kudos, borrowers can now use Open Banking to make the process of applying for loans faster and easier without impacting their traditional credit score.

We’re excited to be one of the first companies to successfully apply this new technology to improve customer experience in the credit industry.”

Open Banking

The roll-out of Open Banking began in January 2018 and is set to fundamentally change the way consumers interact with banks. Nine of the largest UK banks must offer their customers the ability to share the data banks hold on them with specially authorised third parties. Credit Kudos is one of a handful of firms authorised by the FCA to access Open Banking data as an Account Information Service Provider (AISP).