With customer consent, Yapily Data allows Yonder to retrieve information about individual bank accounts and analyze factors such as income and expenses to create a more holistic credit profile. This has the potential to transform access to finance for millions of “invisible credits”; the expatriate having difficulty opening a bank account; the immigrant struggling to rent a property; the young person who has not yet established a credit file.
In addition to higher approval rates, Yonder customers will benefit from no exchange fees when spending abroad, access to lifestyle rewards, and a way to increase their credit score by making monthly payments on time. Powered by Yapily Payments, Yonder customers will also benefit from using a direct, instant and more secure account-to-account Open Banking payment method when paying off their credit balance.
According to recent research by Experian, more than 5 million people in the UK have little or no credit history, reducing their access to mainstream financial services. Together, Yonder and Yapily are tackling this problem by creating a more accurate, comprehensive, and fairer way to assess a consumer’s financial footprint with Open Banking.