DirectID sign AX as a customer

DirectID have signed AX as a customer. AX will use DirectID's affordability assessments to better understand their customers.
Published on
April 13, 2021
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DirectID has announced that it has signed AX as a customer.

AX will be utilising DirectID to illustrate customer’s affordability following car accidents and car hire. Currently, credit hire organisations have a challenge in getting bank statements from customers to prove affordability. DirectID can provide this through Open Banking.

AX offer a range of services including; accident management, brokerage, credit solutions, replacement vehicles and repairs.

DirectID’s solution will connect an individual’s bank account through our Open Banking APIs and present the transactions in a way that will confirm if the individual could afford to pay the costs of a claim upfront.

DirectID has connections with over 13,000 banks across 65 countries across the world. DirectID is currently utilised by over thirty major companies globally, including Best Egg, RBS, Standard Life Aberdeen and Xe. DirectID is also prevalent within the credit hire sector with around 10 companies currently using DirectID’s services.

Speaking on the agreement, DirectID CEO, James Varga, commented:

We’re delighted to be working with AX. The CHO market is ripe for the use of Open Banking to provide evidence of income and affordability, and we’re very happy to be providing this to Accident Exchange.

Craig Budsworth, Legal Director for Credit Hire at AX, said:

In credit hire companies, we frequently need to be able to verify a customer’s affordability, and it’s great that DirectID will be able to provide this for us.  The customer journey is much simpler than having to download individual statements and the graph presentation makes a compensator’s job easier to identify those customers who are impecunious.

Find out more information on Accident Exchange.

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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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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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