BFS launches Open Banking connectivity

The move allows the lender, when given permission by the client, to access their full financial data as part of the underwriting process.

BFS said this would reduce administration, enhance the client experience and improve efficiency.

The lender told Specialist Lending Solutions that sometimes it can be waiting weeks for clients to provide statements, “so being able to do this instantly will be a great help”.

Borrowers wishing to participate will need to be using a bank that is part of the Open Banking process.

They then follow the secure link provided by BFS, carry out their bank’s security checks and the statements are ready to access.

Rachel Davis, head of underwriting at BFS, (pictured) said: “Open Banking ultimately negates the need for traditional hard documentation and provides real time access to a client’s financial accounts while allowing access to the past 90 days transactions, which form an integral part of the due diligence process.

“The platform allows us to identify incomings and expenditure, examine credit rating and consider affordability, allowing us to make decisions within minutes.”

She added: “There is a lot of administration associated with any type of lending, however, time is often a key factor when bridging.

“Open Banking allows us to speed up this area of the application process in a safe and secure way.”

BFS is working with Perfect Data Solutions as its Open Banking partner and added that the process requires minimal initial online input by clients to share access.