Paylink Solutions Taps Equifax to Enhance Digital Affordability Solution

Fintech Paylink Solutions announced a new partnership with Equifax, one of the UK's big three credit reference agencies, to enhance its existing affordability solution.

Equifax's Open Banking service will enhance Paylink Solutions' existing affordability solution used by some of the UK's most well-known banks and building societies, as well as thousands of customers. It will enable businesses to understand customers' affordability quickly and accurately to offer them a suitable repayment solution, and will help lenders make sure they are lending responsibly, while protecting vulnerable customers from taking out the credit they can't afford.

Andy Sacre, product director at Equifax UK, said: "2022 is fast becoming a year we will remember for the extreme financial challenges faced by families up and down the country. At a time like this, Open Banking is coming into its own, helping credit providers, utility companies and telcos to gain a nuanced understanding of how much struggling customers really can afford to repay. This partnership with Paylink Solutions is a perfect example of onboarding a new tech solution at speed, and will ultimately mean more people facing financial hardship in the UK will be receiving support that is tailored to their personal situation."

Susan Rann, CEO of Paylink Solutions, said: "Few of us have escaped the economic impact of the cost-of-living crisis and the pandemic, but it's those closer to the breadline that are at a particular risk of struggling to meet their financial commitments. People want to be able to share information safely and discretely and often that means doing so online. Meeting with Equifax, it was immediately clear it had the right mix of technology and insight to solve the problem our clients' customers are facing."