The end-to-end fully integrated Open Banking solution for affordability and creditworthiness

 Screen Flow

1. Screen Flow

TransUnion has created an end-to-end screen process which takes the consumer quickly and efficiently through the required authentication and authorisation process with their bank.

Consumers are directed to a co-branded screen process – integrated with a set of simple APIs to limit integration requirements. Then, they’re directed back to the client’s screen flow when the Open Banking process is completed.

- 74% of businesses agreed a simplified customer on-boarding process is important


2. Bank API Hub

TransUnion take care of the connectivity to the consumers bank, both for the journey re-direct, and the subsequent data gathering. Initially this will include the CMA9 banks, but will expand as PSD2 providers release access.

- 74% of businesses agree that the ability to retrieve consented information like CMA9, PSD2, and other APIs is important

Open Banking Report

3. Catergorisation & Open Banking report

When the data is retrieved, TransUnion categorise and create the Open Banking Report (OBR) with credit and affordability insights.

TransUnion’s categorisation service has been tested to achieve >99% categorisation with verified high levels of accuracy.

- 68% of businesses agree that visibility into transaction categorisation is important

Data Delivery

4. Data Delivery

The data is made available to the client via an API, which can contain the raw, categorised and Open Banking Report depending on the client requirements. Data will also be made available through TransUnions Decisioning Platforms.

- 69% of businesses agree the ability to combine open banking data with other data sources (e.g., credit scoring) is important to improve insights

- Source: A commissioned study of 114 business respondents conducted by Forrester Consulting on behalf of TransUnion in November 2018

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Contact us to find out how our Open Banking solution can help your business.

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