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

Author

Latest News

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

Get detailed insights into your customer's financial behaviours

Discover how to use DirectID's open banking data to slash the customer assessment time from days to minutes.

Download the PDF

Latest posts

See all articles

Showing 0 results

Managing your portfolio with categorised open banking data

DirectID’s Chief Commercial Officer, Clare McCaffery, explores how portfolio managers can use categorised bank transactions to better identify and prevent emerging financial distress in consumers.

Finance & Fintech

All

DirectID and LendInvest Collaborate to Streamline Credit Decisions in the Property Finance Market

DirectID partners with LendInvest for efficient property finance lending. Open banking data enhances credit decisions, accelerating processes.

Latest News

All

Managing your portfolio with categorised open banking data

DirectID’s Chief Commercial Officer, Clare McCaffery, explores how portfolio managers can use categorised bank transactions to better identify and prevent emerging financial distress in consumers.

Finance & Fintech

All

DirectID and LendInvest Collaborate to Streamline Credit Decisions in the Property Finance Market

DirectID partners with LendInvest for efficient property finance lending. Open banking data enhances credit decisions, accelerating processes.

Latest News

All

DirectID Appoints New CEO to Lead Next Stage of Growth

DirectID appoints Chris Mills as CEO, succeeding founder James Varga. With vast experience in startups, Chris will lead the next phase of growth.

Latest News

All

Solutions for credit risk decisions

Affordability

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

Find out more

Browse our solutions

Affordability

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

Find out more

Income verification

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

Find out more

Categorisation & classification

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

Find out more

Emerging financial distress

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

Find out more

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.

Find out more

Better-informed decisions across the credit & risk lifecycle

Use cases

Risk modelling

Use open banking data in a standalone or hybrid predictive model that brings together multiple data sources. Significantly uplift predictive models with comprehensive and dynamic data.

Origination & onboarding

Reduce manual interactions for quicker decisioning. Optimise your credit risk processes using transaction data.

Credit risk decisioning

Understand your customer's affordability and creditworthiness in real-time. Embed consumer transaction into your predictive model.

Portfolio management

Track cashflow changes across your portfolio to identify trends and drive lifetime value.

Collections & recoveries

Get insights on affordability, income, cashflow and more, to empower your collections teams and optimise the recovery process.

What our customers say

“Working together, DirectID’s Connect widget and Shieldpay's payment engine allow customers to transfer funds online with digital escrow and trust services. The combined service will bring seamless identity verification during transfers, streamlining the customer experience without sacrificing any measure of security. Bringing customers a frictionless payments journey at every step.”

Shieldpay

Multi-award winning payment platform

“Underwriters can confidently produce quicker and more detailed analysis. Customers receive speedier decisions with reduced intrusion/inconvenience. Dealer receives quicker decision - increased satisfaction. Everyone wins with the new process.”

Global vehicle manufacturer

Automotive financing

“In working with DirectID, we can give the underwriter a much more detailed and understandable view of a customer’s financial profile”

Target Group

A leading business services provider in lending, investments and insurance, managing over £25bn+ assets

“Best Egg captures up to 5,000 distinct quantitative and qualitative attributes per customer including over 1,500 proprietary credit attributes, applicant data, data from more than 10 external data providers, “on-us” loan behaviours, the customer’s digital footprint, contact interactions, and survey data.”

Best Egg

Consumer-lending platform developed by Marlette

“Partnering with a global player like DirectID enables us to strengthen our credit scoring engine through open banking data. DirectID’s robust open banking infrastructure opens up innovative ways to use alternative data in our credit risk management processes to offer personalized financial offerings to our customers.”

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.

Demo of the guided customer consent journey
Walk through of our real-time data & insights
Coverage check in your markets

Frequently asked questions

Schedule a call

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.

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.

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.

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.

Speak with one of our specialists

Schedule a call