NewDay partners ClearScore’s D One for open banking credit assessments
UK-based consumer credit provider NewDay has partnered with credit marketplace ClearScore’s open banking business unit, D One, to offer customers credit assessments through open banking.
NewDay taps ClearScore for D One partnership
Over 12 years and 1 billion transactions, through its open banking connection and categorisation services, D One has identified a range of financial behaviours, including making deposits to a savings account, that more accurately categorise the riskiness of borrowers.
D One will provide NewDay with “comprehensive and specialised” open banking connectivity and transaction categorisation intelligence in order to offer potential and existing customers the option to share their transaction data through open banking for a real-world assessment of affordability.
This approach opens credit to those with limited credit histories and supports responsible lending practices.
ClearScore CEO and co-founder Justin Basini says that working with NewDay will create “a highly scalable digital platform and proprietary credit decision-making capability”.
NewDay chief commercial officer Ian Corfield says: “In the current economic climate, promoting financial inclusion is more crucial than ever, and open banking has a clear role to play in this.
“We are always looking at ways to develop our credit models through the integration of third-party data, and the partnership with D One will further bolster our ability to provide even more customers with responsible access to credit.”
