NewDay Enhances its Affordability Assessments with D•One Open Banking Services

D•One, part of the ClearScore Group, today announces that NewDay, a leading provider of unsecured consumer credit in the UK, has gone live with D•One’s open banking connectivity and transaction categorisation products. This move to provide deeper affordability assessments supports responsible access to credit, as well as financial inclusion. NewDay customers can share their transaction data via open banking for a real-world assessment of affordability, offering consumers who have limited credit histories access to credit options they might otherwise have missed out on.

NewDay serves millions of customers, powered by its leading platform and digital servicing capability. With the integration of open banking technology, it can now further enhance its lending decision-making, leading to greater access to credit for a wider range of people. Using D•One’s open banking connection and categorisation, NewDay has developed its credit models to help more people move forward with credit.

Rob Holt, Chief Executive Officer of Credit at NewDay, said: “We are always looking for ways to improve our ability to serve working Britain with responsible access to affordable credit, and we see open banking as an important addition to our underwriting assessments to more comprehensively understand our customers’ circumstances. We were impressed with D•One’s open banking solution, along with the supporting functionality and flexibility it provided and plan to integrate these capabilities into our lending strategies.”

D•One provides the most comprehensive suite of open banking connectivity in the UK and has an advanced deterministic categorisation model developed over 12 years and with over 1 billion transactions. Lenders such as NewDay can leverage these capabilities both on and off ClearScore: D•One works seamlessly in a lender’s own digital estate as well as in ClearScore’s own credit marketplace.

Tim Kelleway, Director at D•One, said: “NewDay is one of the most inclusive lenders in the UK, and open banking has a clear role to play in helping it provide even more customers with responsible access to credit. Our technology delivers consistent functionality and decisioning solutions across all channels, helping NewDay expand its reach and provide a seamless experience for more borrowers.”