DirectID announces open banking sandboxing

DirectID, a global credit risk platform, announced today that it has partnered with Mockbank, a FinTech providing sandboxing and testing functionality for Open Banking connections.
Published on
October 6, 2021
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The partnership will give organisations using the DirectID platform the ability to effortlessly test bank connections, without the need to use live bank accounts or data. The accounts provided with Mockback work like real bank accounts and give organisations the ability to test their services quickly and effortlessly.

When a customer of DirectID utilises Mockbank, they can create test customers that have accounts, balances and full transaction data for each account, providing flexibility and depth while testing. Multiple bank accounts can be associated with the same customer, providing the ability to simulate real life user behaviour, spending habits and financial profiles. This removes the lengthy process of manually creating transaction data or anonymising real transaction data.

As the profound use of bank data becomes a hygiene factor in the lending sector, the need for global organisations to test their offerings with freedom and scale has increased profusely. With Mockbank, customers using the DirectID platform have the freedom to test specific use cases, assess the value in their current propositions, test new products and automate their test scenarios. The insights acquired from the use of Mockbank testing will give global organisations the ability to innovate faster and more freely.

James Varga, CEO of DirectID, said:

Considering the global scale of our customer base, ranging from tier 1 banks to FTSE100 companies, the ability to test to the capacity that Mockbank allows presents a vast opportunity. Now, customers of DirectID have the ability to utilise Mockbank’s Open Banking sandboxing functionality, providing a foundation to pioneer new products at a global scale. DirectID are delighted to be offer this service through our platform and we’re excited to see the innovation breakthrough to our global network of customers.

About DirectID

DirectID is a global credit risk platform that is redefining the industry for both lenders and their consumers. By leveraging Open Finance and bank statement data, DirectID help lenders understand their customers throughout the credit risk lifecycle, from onboarding through to collections & recoveries.

Today, DirectID powers some of the world's biggest brands from banking, consumer and SME lending through to the gig economy, gambling and others. DirectID’s Platform provides global access to bank data through over 13,000+ connections across 65 countries, supporting access to over 1.5bn people through one simple integration. The insights provide solutions to common lending questions such as affordability, income verification, expense categorisation, cash flow, emerging financial distress, and more, and are all available directly or through the platform itself.

DirectID is authorised by the FCA to provide AISP (Account Information Service Provider) services within the UK market. Visit direct.id for more information.

About Mockbank

MockBank is sandboxing for Open Banking on a new level. The service exists because of frustration at the lack of advanced testing capabilities – these include creating customers, creating historical data, creating new transactions, testing connectivity and more. Within 5 minutes you can now test your PSD2/Open Banking applications.

Quickly creating all the test scenarios that open banking use cases require is becoming increasingly important in modern application development. Mockbank enables any number of development and testing workflows, and greatly enhances the agility of development teams, allowing developers, testers and performance teams to work in parallel for faster delivery and earlier testing.

Mockbank.io is a product of JR Verwaltungs- und Holding GmbH, Germany. To find out more visit mockbank.io.

Get detailed insights into your customer's financial behaviours

Discover how the simplified DirectID process can cut the normal application time from 7 days down to 1 hour and provide you with enriched data insights about your customers to enable you to make smart credit and risk decisions.

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Advanced credit & risk insights

Affordability

Assess how much your customer can afford to repay. Use enriched data to identify income, and fixed vs flexibile spend.

Affordability

Assess how much your customer can afford to repay. Use enriched data to identify income, and fixed vs flexibile spend.

Income verification

Verify your customer's income across all income streams, whether it's salaried wages, freelance earnings or benefits.

Categorisation & classification

Cut through the noise of a bank statement and understand how and where your customers spend their money.

Emerging financial distress

Identify emerging financial distress to enable early intervention before your customer defaults.

SME financial health

See the balance trend of an SME’s accounts with a view on income, stability and fluctuations. View the money a business earns, spends and saves on a regular basis.

What our customers say

Testimonials - Fintech X Webflow Template

DirectID began working with Target at the beginning of 2020 to provide open banking data for their new Mortgage Hub. It is the first digital mortgage platform to be designed from the ground up, and the first to use open banking data as the backbone for customer experience.

Global vehicle manufacturer

Automotive financing

Testimonials - Fintech X Webflow Template

DirectID began working with Target at the beginning of 2020 to provide open banking data for their new Mortgage Hub. It is the first digital mortgage platform to be designed from the ground up, and the first to use open banking data as the backbone for customer experience.

Shieldpay

Multi-award winning payment platform. Designed for highly secure & efficient transactions. Trusted by over 100 law firms, lenders and professional services.

Testimonials - Fintech X Webflow Template

DirectID began working with Target at the beginning of 2020 to provide open banking data for their new Mortgage Hub. It is the first digital mortgage platform to be designed from the ground up, and the first to use open banking data as the backbone for customer experience.

Target Group

A Tech Mahindra company and a leading business services provider in lending, investments and insurance, managing over £25bn+ assets.

Testimonials - Fintech X Webflow Template

DirectID began working with Target at the beginning of 2020 to provide open banking data for their new Mortgage Hub. It is the first digital mortgage platform to be designed from the ground up, and the first to use open banking data as the backbone for customer experience.

Best Egg

Consumer-lending platform developed by Marlette Holdings, Inc.

Testimonials - Fintech X Webflow Template

DirectID began working with Target at the beginning of 2020 to provide open banking data for their new Mortgage Hub. It is the first digital mortgage platform to be designed from the ground up, and the first to use open banking data as the backbone for customer experience.

Dana

A lending as a service provider using open banking to strengthen their credit scoring engine

Get started using open banking data

Talk with one of our specialists to find out more about using open banking data.

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Frequently asked questions

Schedule a call
01

What is open banking and how does it work?

Open banking is the practice that allows people and businesses to share up to 12 months of transaction data. DirectID is regulated by the Financial Conduct Authority as an Account Information Service Provider (AISP) - the intermediary who safely facilitate this process.

02

What is transaction categorisation?

Transaction categorisation is the process of adding context to raw transaction data. The process gives you an understanding of what your customers' spend their money  and where.

03

How does bank account verification work?

Using the bank account verification API, DirectID matches the details provided from your customer to those on their account. We apply a set of sophisticated algorithms and rules to verify the name, and then tell you what does and does not match.

04

How do you verify income with open banking?

After a customer shares their data, DirectID identify recurring credits to the account and group these. Using an algorithm we identify the monthly income for each income stream. We then return the calculated income and confidence score to you.

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