DirectID nominated as award finalists

DirectID have been nominated as finalists in the 2020 Credit Strategy Awards in the 'Excellence in Open Banking" category.
Published on
October 13, 2020
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DirectID has today announced it has been nominated as a finalist in the Credit Strategy Awards 2020. 

DirectID has recently been nominated for a raft of awards in recent times, including the FDATA Awards, the Credit & Collections Awards, and the Credit & Collections Technology Awards. 

The nomination comes as DirectID announced that it had succeeded in doubling turnover since the pandemic struck in March, and has recently begun hiring for a number of new internal positions to capitalise on the growth of the company. 

James Varga, CEO of DirectID said: 

We are delighted, to once again be at the forefront of Open Banking, with this new award nomination. Through 2019 we were nominated for a number of awards, culminating in a win in the FS tech Awards for our work on DirectID Insights.  

While 2020 has proven to be a very challenging year, it is one in which we have seen companies adapt to, and in many cases, begin embracing new digital technologies. Bank data is at the very heart of this, and the benefits it brings to both businesses and consumers is massive. As a result, we are confident that we’ll see many more companies look to benefit from Open Banking and bank data. 

I’m very much looking forward to these awards. The competition in the category is of the highest order and we’re delighted to be among them. My very best wishes and congratulations go out to all the award finalists.

The awards will take place, virtually, on the 5th November 2020.

More information on the Credit Strategy Awards 2020, including a full list of categories and awards nominees can be found at: https://www.creditstrategy.co.uk/creditawards/info/credit-awards-2020-shortlist 

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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.

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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.

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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.

Target Group

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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.

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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.

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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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