Rebuildingsociety to roll out its open banking technology to its ARs
Rebuildingsociety is set to roll out its open banking-backed technology offering to all its appointed representatives (ARs) by the end of the year.
Last month, the peer-to-peer lender gained access to open banking to manage client money and assess creditworthiness, after its technology provider White Label Crowdfunding partnered with TrueLayer.
White Label Crowdfunding produces software for a number of crowdfunding and P2P lending platforms globally, including its sister business, Rebuildingsociety.
Now, following a successful pilot, Rebuildingsociety has been given the green light to proceed with rolling out the integration with its ARs including P2P lender Sourced Capital and Propio, which will soon launch into P2P and become an AR of Rebuildingsociety.
Daniel Rajkumar, managing director of Rebuildingsociety, said this will allow real-time reconciliation and improved customer service.
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“We’re delighted with the uptake of open banking among our lenders and the efficiencies gained make this innovation a no-brainer to introduce to all of our ARs,” he said.
Propio is currently making technology changes to launch into the P2P space this Autumn, after raising £278,000 in total from its funding round and the government’s future fund.
Tom Buttress, co-founder and chief executive of the platform, said it will only use open banking on the investor side to allow lenders to deposit funds into their account within seconds using an open banking functionality on their smartphones.
“We were already looking at open banking solutions for Propio and now we have this partnership with Rebuildingsociety and they’re focused on it as well, so it’s killing two birds with one stone,” he said.
“For us it’s all about making the lender experience as slick and seamless as possible and as open banking is a really robust regime, it should be nice and secure for investors.
“There are lots of other uses we’ve looked at and are looking at for the future but at the moment the investor side is the core purpose we’ll be using it for.”
This comes as research by the Open Banking Implementation Entity has revealed that the uptake of open banking has doubled over the past six months, with more than two million consumers now making use of the data-sharing service.
