D•One and Abound Partner to Revolutionize Consumer Lending with Open Banking

Abound and D•One, two innovative companies in the FinTech industry, have announced a partnership aimed at transforming consumer lending through open banking, as highlighted in Fintech Global News.

Abound, a London-based credit technology company, is known for using alternative data and AI to enhance consumer lending. D•One, a leader in open banking solutions and a business unit of The ClearScore Group, brings expertise in banking connectivity and transaction categorization.

The collaboration between these companies is set to enhance the credit assessment process by integrating open banking technology and artificial intelligence (AI). Abound will utilize D•One’s open banking capabilities to improve its affordability assessments for potential borrowers.

Abound’s AI credit engine, Render, analyzes banking transaction data to offer more accessible and affordable lending solutions while minimizing credit risks. Meanwhile, D•One provides robust open banking connectivity and a transaction categorization model that has been refined over 12 years, processing over 7 billion transactions.

This partnership aims to set new standards in financial inclusion and credit performance, with D•One’s technology enabling rapid affordability assessments. This is crucial for expanding access to financial services, particularly for those who are underserved by traditional credit scoring methods.

Tim Kelleway, director at D•One, emphasized the benefits of open banking in credit assessments, saying: “Open banking helps assess borrower risk more fairly, which is a positive innovation for the credit market. Abound is one of the most advanced lenders in the UK in terms of leveraging open banking data to drive greater financial inclusion.»

Michele He, co-founder and COO of Abound, highlighted the potential of open banking to revolutionize lending: “Traditional lenders are still relying on credit scores, which is a limited technology that excludes many low-risk people simply because they are credit invisible. At Abound, we see open banking as a unique opportunity to transform lending and we have proved that this technology can help us both serve more people and improve credit performance.»

The partnership between Abound and D•One represents a significant step forward in making lending more inclusive and efficient, leveraging advanced technology to benefit a broader range of consumers.