DirectID are Open Banking Award winners

DirectID are delighted to have won the Open Banking Product or Service of the Year at the FS Tech Awards.
Published on
March 20, 2020
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DirectID are delighted to announce that they have won the ‘Open Banking product or Service of the Year’ category at the prestigious FS Tech Awards. 

The award was won due to the launch of DirectID’s groundbreaking Open Banking platform, DirectID Insights, which was launched in January 2019. DirectID Insights was built to support those in the lending sector to make more effective credit risk decisions, faster.

DirectID has recently been nominated for a raft of awards, including the FDATA Awards and the Credit & Collections Awards last year. As well as this award win, DirectID is a finalist in the forthcoming Credit Awards, in the ‘Excellence in Open Banking - Service Provider’ category. 

The company saw off a host of sterling contenders for the award, who included Barclays, Salad Money, OpenMoney, Santander, Starling Bank, Token and Yolt. 

James Varga, CEO of DirectID, said: 

I’m really pleased to once again see DirectID Insights recognised as a market leader in the field of Open Banking. We have been working with bank data for almost a decade now, and I’m confident that no one has more experience or knowledge in how to utilisethe insights that can be gleaned from the data.

This win is a testimony to the hard work, expertise and critical thinking that the team at DirectID inject into our productson a daily basis. Our DirectID Insights solution has been leading the market since its release last year, and I’m sure many more firms across sectors and industries will benefit from its use.

More information on the FS Tech Awards, including a full list of finalists and winners, can be found on the FS Tech website

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What our customers say

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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

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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

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Frequently asked questions

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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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