Open Banking Insights - Commercial

Equifax offers Open Banking commercial solutions that convert consented transaction data gathered through the open banking into actionable insights. Our solutions can be seamlessly embedded as part of your customer journey and can be fed into your own decision systems to help you automate credit decisions.<p><p style="font-size:14px">Open Banking Commercial Insights enables access to business transaction data, giving our clients a much greater level of financial information on their customers. Working alongside Equifax Business Insights (EBI) data, we can help you to better understand your commercial customer’s liquidity and cash flow, empowering better decisions. </p><p style="font-size:14px">Our solution combines bureau information with company bank account data to instantly verify and enhance standard company financial data. The digital journey empowers customers to more easily share their own business bank account data giving them quicker access to credit</p><p><p style="font-size:14px">For further information on our Open Banking solutions, please click <a href="../open-banking-insights">here</a>.</p>
Benefits
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CONSENTS MANAGEMENT PLATFORM
Provision of a branded, customer-facing consents management platform which takes care of the regulatory and technical requirement to provide transparent and editable consent management
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REAL-TIME AND IN-DEPTH VIEW
Offering a real-time and in-depth view of your business customer’s cash flow
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FORECASTING
Access to commercial cashflow forecasting using bank account payment trends
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CLEAR AND CONSISTENT
Our data insights are provided in a clear, consistent and actionable format through the commercial APIs
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HIGHLIGHTING TRENDS
Highlighting key account trends to fully understand incomings and outgoings
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SPEED UP THE CREDIT APPLICATION PROCESS
Helping you speed up your credit application process by directly evidencing account turnover over relevant time periods
Key Features
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      By digitising bank statements we can help you implement a streamlined customer journey, ensuring you can reduce manual paperwork and administration costs, as well as maximise application throughput.
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      Bank account data can be categorised and shared instantly to help you speed-up your on-boarding process
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      We can help you make better, more timely affordability and credit risk assessments, using business bank account data accessed instantly from any SME who consents, to share their data.
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      You can increase acceptance of underwriter referrals by making it easier for your customers to prove affordability

Use Cases
Open Banking Commercial Insights service can be used for:
  • Streamline digital journey
  • Improved customer experience
  • Credit Risk Decisioning 
  • Affordability Assessment

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