Open Banking Platform Tink Launches Expense Check to Improve Affordability Analysis

Europe's leading open banking platform, Tink, has announced the launch of Expense Check, a new product designed to simplify and streamline the customer affordability verification process for lenders.

Powered by open banking, the solution lets banks and lenders seamlessly verify customers' affordability in a matter of minutes. By linking to applicants' bank accounts, Expense Check provides lenders an up-to-date and verified view of fixed and discretionary spending.

Tink's Expense Check helps meet the appetite for tighter risk assessments as the cost of living crisis is factored into future affordability checks.The product also enables regular affordability reviews, helping lenders meet their regulatory requirements. And by giving lenders an accurate view of applicants' outgoings, it can help increase access to finance for those who struggle to prove their creditworthiness through more traditional checks. 

Launching in the Nordics and the UK, Expense Check will then be rolled out more widely across Europe.

Tasha Chouhan, UK & IE Banking Lead at Tink commented: "Having an up-to-date, holistic picture of someone's financial situation is vital when it comes to making an accurate risk assessment. Not only does Expense Check streamline the way lenders process data, it also heightens user experience, with applicants benefiting from a simple, automated application process that doesn't require any paperwork – and brings near-instant results. At the same time, because access to data enables lenders to make more accurate affordability decisions, it can help to make financial services more accessible, particularly for those with fluctuating incomes or thin credit history. "