YTS aims to boost lenders’ decision-making with cashflow analyser

Turning affordability into an API call.

Open banking provider Yolt Technology Services (YTS) has just launched its latest service for lenders, in the form of a hosted cashflow analyser.

The feature means that lenders can turn around detailed analysis on 18 months’ worth of their customers’ transaction data (or longer) in real-time and without having to deal with the data themselves.

YTS says this should streamline affordability assessments and be of particular use for those SME borrowers that have been through a tumultuous period of trading through the pandemic, as well as consumers who have no credit history.

“Our AIS-powered Cashflow Analyser is a huge evolution of the traditional affordability assessment process, which has needed an injection of innovation for some time, to enable lenders to make faster and better-informed decisions and customers to ultimately benefit,” said YTS chief business officer Leon Muis.

“Consent is at the heart of the Cashflow Analyser, with applicants able to opt-out of sharing their data with a lender or leasing agent, whilst those who are happy to proceed will spend less time waiting for a credit decision.”

YTS is offering the service as a white-labelled solution that lenders can access, tweak to match their branding, and then easily send affordability tests to applicants with the data being crunched by YTS in the background.

Crucially Muis says the process cuts down on fraud, given applicants have to give access to their actual financial data, and speeds up the process without having to rely on PDFs or paper documents.

“Our AIS services have already delivered value in other areas of the lending market, so the Cashflow Analyser is another step to helping to support the COVID-19 recovery and maximise the potential of open banking across financial services.”