Experian is the only one of the UK’s main credit reference agencies to be an FCA accredited Account Information Services Provider (AISP). The services go live over the next month and are already being used by major UK banks, as well as providers of digital mortgage services, gambling organisations, leading automotive financiers and UK credit card providers.

Tom Blacksell, Managing Director of B2B Experian, said: “We’ve spent 18 months developing and testing our Open Banking services to produce class leading applications. The time is right for us to launch our services to market.

“Open Banking APIs are becoming fully operational and many organisations are looking to Experian to help them enhance their products and services, especially where they can be used to increase financial inclusion and help people access more affordable services.

“The insight can be used to increase financial inclusion and help people access more affordable services, while helping organisations to make better informed decisions.”

The Affordability Check allows organisations to confirm an individual’s income and expenditure using the advanced data science of Experian’s categorisation engine, Trusso.

Whereas the Tenant Vetting Service provides an online automated check which validates the consumer’s income as well as their previous rental history from their bank transaction data. It can reduce the time it takes to get a reference from days to hours.

Both services are underpinned by Experian’s leading cloud-based data aggregation platform, Verdus. It was developed by Fintech innovators Runpath, a business which Experian acquired last year.

Verdus sources and aggregates product information for UK financial services on behalf of price comparison sites. Open Banking allows Verdus to provide API connectivity so banks can access transaction data in real-time.