The ID Co's Open Banking API Launches

USA - English

• USA - English

EDINBURGH, Scotland, July 19, 2018 /PRNewswire/ --

The ID Co. is excited to announce the launch and immediate availability of the Open Banking API Platform with full support for all of the leading UK banks. 

Business customers are now able to use the DirectID platform to access the UK's Open Banking services with live connections to all the most significant UK banks including Barclays, HSBC, Lloyds Group (Lloyds, Halifax, Bank of Scotland), Santander, The Royal Bank of Scotland, and Nationwide as well as a number of digital banks such as Starling and Monzo. In addition to the bank integration, the platform includes a full consent management service, a rich pre-packaged user experience widget, and a single, standardised, simple open bank data API.

Scott Leckie, CTO at The ID Co., says, "Completing the open banking integrations with the leading UK banks is an exciting step for our business and allows us to extend our platform coverage in the UK for both existing and new customers. Over the next few months, we will continue to add support for additional UK banks, provide support for new Open Banking V2 data blocks, as well as release new products and features based on bank data."

The DirectID platform is live with many leading lenders, banks and Fintechs in the UK, US, Australia, Canada, Netherlands. The addition of Open Banking support will further enhance the financial institutions' ability to solve business pains such as income verification, assess customer affordability, verifying account information, reducing fraudulent applications and improving credit risk exposure with real-time assessments.

"Open Banking in the UK represents a huge opportunity for not only businesses but consumers to benefit from. We are passionate to enable our customers to take advantage of the Open Banking opportunity and help them unlock the true value of Open Banking. After all, it's not just about the raw data - it's what you do with it that counts," said James Varga, CEO.

Imran Gulamhuseinwala OBE, Trustee of the Open Banking Implementation Entity (OBIE) said: "Open banking is not only changing the UK ecosystem but creating a global trend. The ID Co. has been a pioneer in the industry, and it is exciting to see them adopt Open Banking to their existing and established platform. This will enable businesses to quickly take advantage of the benefits Open Banking brings, creating new and innovative propositions which will help customers move, manage and make more of their money."

The ID Co. is authorised by the FCA to provide AISP (Account Information Service Provider) services for the UK market.

About The ID Co.

The ID Co. (http://www.theidco.com) helps businesses like lenders onboard their customers by removing friction caused in the application process by current challenges of risk, compliance, fraud and regulation.

A global Scotland based fintech, The ID Co. has been pioneering the use of bank data and Open Banking since 2011 and an active participant in the UK Open Banking initiative and a founding member of FDATA, Innovate Finance and Open Banking Excellence.

Our business service DirectID solves key business pains such as assessing a customer's affordability, verifying their account information and therefore offsetting credit risk. DirectID powers leading lenders such as Prosper, Marlette, Amigo and more.

For more information, contact [email protected]

SOURCE The ID Co.