Basiq announces five new customers to access Open Banking

Image source: Basiq

Basiq becomes an Unrestricted Accredited Data Recipient (ADR) capable to provide access to both CDR and non-CDR data for customers under this arrangement.

The adoption of the CDR Representative model shows that fintechs are keen to access and use Open Banking data. As an Open Finance platform that provides access to Open Banking, Basiq supports several use cases including lending, wealth & investing, BNPL, personal financial management, charities, and payments. The new customers announced demonstrate the breadth with which financial data is used in providing a fintech service across a variety of segments.

Partners on the Basiq platform:

• Pearler is an investment app that aims to help everyday people invest simply, to build wealth and share their journey. Partnering with Basiq enables Pearler to assess the financial standing of individuals and help them build their wealth with simple, automated share investing. 
• Way Forward is a not-for-profit organisation that provides a free service for consumers to help them get out of financial hardship and reduce their debt faster. Using the Basiq platform enables Way Forward to get a deeper understanding of a consumer’s financial situation. 
• The Payment App provides smart datatech and fintech solutions to businesses through data services, payment services, and the development of apps. Through Basiq, it will enable partners and clients to facilitate richer user engagement through increased financial intelligence.
• Otivo empowers people to take control of their financial future by providing personalised financial advice online. Using Basiq, Otivo is able to better understand their customer’s financial needs in real time, ensuring their advice is always relevant and up to date.
• Fonto enables companies to validate, connect and understand consumers quickly and accurately. By partnering with Basiq for daily financial data, Fonto can generate deeper insights across dozens of categories.

With access to Open Banking alongside existing methods, the Basiq platform provides customers with the ability to use financial data for several different use cases in getting the most complete view of end users. This includes the ability to verify identity by validating account ownership, drive personalisation by generating insights from financial data, and initiate actions such as payments.