Clockwise credit union taps TrueLayer APIs
Written by Michelle Stevens
Not-for-profit financial cooperative Clockwise has partnered with API provider TrueLayer on a new Open Banking initiative, FStech has learnt.
The credit union is using TrueLayer’s technology to retrieve member information made available by Open Banking in order to make credit decisions. This significantly increases the speed at which loan decisions can be assessed, improving access to finance for Clockwise’s 10,000 members.
Furthermore, TrueLayer has committed to providing its financial API to Clockwise for free, as part of its wider offer to not-for-profit and charitable organisations.
Teresa Manning, general manager at Clockwise, said: “We are delighted with the success of the TrueLayer partnership and have seen a significant reduction in the time to process loan applications for our members, as we can now have immediate access to members’ bank account information.
“With over 10,000 members and almost 80 per cent of our new business occurring online, providing easy to use and frictionless digital services is more important than ever.”
Francesco Simoneschi, CEO and co-founder of TrueLayer, noted: “One of the major benefits of Open Banking and PSD2 is its potential to improve access to finance for the most in need members of our community. Speed and accuracy are crucial when making credit decisions and, by using TrueLayer, Clockwise will be able to significantly improve the service it provides to its members.”
Simoneschi added that there could soon be “a revolution” in the wider credit market. “As Open Banking grows, more products and services will become available, providing more choice, lower prices and better access to everyone in society,” he explained. “This will be of huge significance to people who have been locked out of traditional financial services. We are keen to partner with more charities and not-for-profit organisations to help them change the lives of their members.”