Credas introduces Open Banking-powered financial checks

Credas introduces Open Banking-powered financial checks

Credas has added financial checks to its offering via its new Open Banking module.

Through Credas’ Open Banking module, customers will be able to connect with “hundreds” of account providers and provide financial statements to their estate agents, mortgage provider or conveyancers in a few clicks.

The reports also contain summarised data such as the source and type of income, enabling firms to identify suspicious transactions.

Partnering with Equifax, Credas has created a configurable service, meaning customers can choose between taking the ‘off the shelf’ version or creating their own. The Credas Bank Account Analysis will not only download transaction history but categorise the transactions into a report which will highlight any high-risk spending (such as gambling or debt repayments), and disposable income and provide affordability insights.

Tim Barnett, Credas CEO, said: “Many firms are still relying on outdated and unreliable methods to verify Source and Proof of Funds.

“These methods are putting many firms at risk with fake bank statements easily obtainable online. Some firms attempt to counter this by requesting all statements are verified in branch which can cause delays in the homebuying process.

“By utilising Open Banking, we are reducing the amount of time it takes for homebuyers to provide genuine financial statements to their agent or solicitor.”

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