As part of Bridging Finance Solutions (BFS) ongoing commitment to streamlining processes, reducing administration and enhancing the client experience, the firm has launched Open Banking.
Open Banking will ultimately allows BFS to access a client’s financial data, with full permission, using a secure and safe approach under a government led drive to improve efficiency within the financial sector.
BFS are believed to be one of only a handful of bridging companies to fully incorporate Open Banking into its underwriting process.
Rachel Davis, Head of Underwriting at BFS explained:
“Open Banking ultimately negates the need for traditional hard documentation and provides real time access to a client’s financial accounts whilst allowing access to the past 90 days transactions, which form an integral part of the due diligence process. The platform allows us to identify incomings and expenditure, examine credit rating and consider affordability, allowing us to make decisions within minutes.”
BFS have chosen Perfect Data Solutions Ltd (PDS) as its Open Banking partner, a provider which forms part of the government-backed Open Banking Scheme. The process is incredibly simple and requires minimal initial online input to share access.
“There is a lot of administration associated with any type of lending, however, time is often a key factor when bridging. Open Banking allows us to speed up this area of the application process in a safe and secure way.”
BFS continue to explore the use of technology to enhance and improve the bridging process whilst retaining a commitment to providing the highest levels of customer services and security.