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:
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.
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