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LendProtect UK and Yodlee partner to launch BankLogic

23 July 2013  |  2481 views  |  0 Source: LendProtect UK

LendProtect UK Ltd., the leading provider of underbanked consumer data, analytics and risk scoring solutions on those who are underserved by traditional banking channels in the UK, announces today a partnership with Yodlee Interactive to launch a new service, BankLogic.

BankLogic is a platform that enables lenders to seamlessly access bank account information from LendProtect -- account ownership, deposits, transaction details and balances -- to more accurately evaluate a borrower's credit risk.

Utilising BankLogic, lenders are able to see 90 days of their prospective customers' banking behaviours, including all deposits and individual transactions to payees. This additional information allows lenders to more concisely evaluate risk involved in the short term loan offering, lower the risk of the loan going into default, more accurately assess affordability for the consumer and increase conversion and profitability.

"This partnership places LendProtect into the forefront of the alternative credit market as the only company offering this service in the UK," explains Greg Rable, CEO of LendProtect parent company FactorTrust. "The BankLogic platform provides our customers the ability to more accurately and efficiently underwrite consumer loans and provides borrowers with greater financial product choice and access to credit. The more information a lender has access to, the smarter and more effective they become. It's exciting for us to partner with Yodlee, leveraging their robust network of access to over 12,000 financial institutions to be able to offer our customers the addition of financial transaction information integrated through BankLogic."

Through this new offering, lenders can request prospective borrowers to provide read-only access credentials to them via LendProtect's secure user interface. It allows lenders limited access to their financial account to assist in completing identity verification, risk underwriting, and affordability assessments in providing the consumer with a loan. The process is straightforward, quick and seamless and can be completed in a few easy steps.

"LendProtect has a wide reach and impressive reputation as a valuable source of data on the underbanked throughout the UK market," says Jason O'Shaughnessy, International Vice President for Yodlee Interactive. "We are pleased to work with the LendProtect team as we continue to expand internationally and help power innovation in fintech."

More than 600 companies globally, including seven of the top 10 U.S. financial institutions, rely on Yodlee Interactive to power personalised financial apps and services for millions of consumers, driving retention, engagement and revenue. 

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