Salad Money, a pioneering social enterprise, and D•One, The ClearScore Group’s open banking services arm, have recently entered into a significant partnership.
This collaboration is aimed at utilizing D•One’s expertise in open banking services to enhance Salad Money’s credit decision-making process. The integration of D•One’s advanced technologies will enable Salad Money to offer more accurate and efficient affordability assessments, benefiting consumers with impaired or limited credit histories.
Specializing in open banking services, D•One offers an impressive suite of tools to financial partners. They provide comprehensive open banking connectivity and advanced transaction categorisation intelligence, essential for fair and accurate loan eligibility assessments.
Since 2018, Salad Money has been at the forefront of using open banking for credit decisioning. As a social purpose lender, they focus on providing accessible loans to public sector workers, helping those with poor or no credit history.
This partnership marks a significant step in Salad Money’s ongoing efforts to enhance its loan decision-making process. By leveraging D•One’s comprehensive open banking connectivity and advanced categorisation capabilities, Salad Money aims to improve the precision and speed of its real-world affordability assessments. This collaboration is not only a stride towards responsible lending but also opens new credit opportunities for consumers traditionally overlooked by credit systems.
In addition to improving credit assessment processes, D•One’s services include identifying financial behaviours that can influence the riskiness of borrowers. Their advanced deterministic categorisation model has been refined over 12 years with over 5 billion transactions. Through this partnership, Salad Money plans to extend its impact, building on its success in helping thousands with affordable loans.
D•One Director Tim Kelleway mentioned, “We’re helping Salad Money to enhance its lending decision-making through comprehensive open banking connectivity and advanced deterministic categorisation. As D•One scales and works with more forward-thinking lenders like Salad Money, we are advancing our mission of enabling lenders to make a truer and fairer assessment of how much credit a consumer can realistically afford to repay.
“Our highly scalable digital platform and proprietary credit decision-making capability is accelerating consumers’ bank data into mainstream lending and thereby opening up new lines of credit that people would not otherwise have had access to”
Salad Money CEO Tim Rooney stated, “We’re on a mission to give more people the affordable loan they deserve, and affordability assessments powered by open banking are the way to get there.
“We’re pleased to partner with D•One for its comprehensive transaction categorisation intelligence which helps us accurately and fairly assess potential borrowers. Last year we helped more than thirty thousand people with affordable loans, and this partnership will enable us to help many more in 2024.”
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