The ID Co. unveils Open Banking API platform
It’s open banking season in the UK. And this makes this week’s launch of The ID Co.’s Open Banking API platform especially timely, reports David Penn at Finovate.
The new solution enables business customers to use the firm’s DirectID user verification technology to access open banking services with live connections to all major UK banks.
These connections provide access to institutions including Barclays, HSBC, Lloyds, Santander, The Royal Bank of Scotland (RBS), and Nationwide. Digital banks like Starling and Monzo are supported, as well.
“Open banking in the UK represents a huge opportunity for not only businesses but consumers to benefit from,” The ID Co. CEO and founder James Varga says.
DirectID provides businesses with a plug and play, identity and bank data service that is designed to increase conversions, reduce risk, and save time and money.
The solution features tools for income verification and underwriting, and verifies account information with instant access to digital bank statements. DirectID also includes a complete anti-money laundering (AML) compliance and know your customer (KYC) verification process, and real-time assessments of credit risk exposure.
The ID Co.’s CTO Scott Leckie adds that support for additional UK banks – as well as support for new open banking V2 data blocks and new products and services leveraging bank data – are forthcoming in the next few months.
DirectID is currently live with lenders, FIs, and fintechs in the UK, the U.S., Canada, Australia, and the Netherlands.
The Scotland-based firm has raised more than $9 million in funding. The ID Co.’s customers include OakNorth Bank, Navient, and Prosper.