Yolt and October Partner to Speed up Loan Application Processes

Open Banking provider Yolt has announced a new collaboration with lending platform October to help speed up its loan application processes.

The deal will see October using Yolt's Account Information Services to utilise Open Banking data in its credit assessment process for SME lending. It is to go live in France, Italy, Spain, the Netherlands, and Germany.

Since 2016, October has been using non-standard data in the credit underwriting process, facilitating access to its client information automatically, increasing the accessibility of credit to many SMEs. Yolt enables October to leverage Open Banking in its five countries of operation with a strong coverage of local banks.

Through this collaboration, Yolt and October will explore how Open Banking can play a role in providing financial inclusion for SMEs, whilst making the process easier when it comes to applying for a loan. 

(Source: The Paypers)