Following a rigorous selection process, Hometrack, the leading provider of insight and intelligence to the UK mortgage market, has appointed Moneyhub, the award-winning Open Finance data, intelligence, and payments platform for customer-centric organisations, as its preferred Open Banking partner.
The integration of Moneyhub’s Open Banking technology into Hometrack’s Credit Risk Hub, on top of its already powerful automated income verification capabilities, will facilitate streamlined mortgage journeys for lenders, brokers and consumers alike.
In an industry milestone, this partnership represents the first time that best-in-class document capture capabilities are being brought together with Open Banking into one lender and broker-focused solution for the purpose of income and expenditure verification for mortgages.
Brokers will be able to apply for mortgages on behalf of customers faster and more easily; lenders won’t have to request information as it will have been collected already. Lender and broker-specific business rules will also ensure that both parties benefit from a tailored view of income and expenditure information for each mortgage application.
Dan Scholey, COO at Moneyhub, said: “Moneyhub has a great track record of enabling innovative clients to build market leading propositions. Hometrack sees the transformative potential of Open Finance and together we are revolutionising the mortgage application process for income verification and affordability checking. This makes the application process quicker and more cost effective, improving the customer experience and the operational efficiency of banks, building societies and brokers. It is often said that moving home is one of the most stressful life events. Thanks to Open Finance, this now no longer needs to be the norm.”
Commenting on the partnership, Spencer Wyer, Vice President Product & Solutions, Hometrack, said: “Our new partnership with Moneyhub has been designed to streamline and simplify the flow of time critical information between lenders, brokers and consumers. To date, this has been a slow-moving, repetitive process, with consumers often having to submit documents more than once; integrating open banking technology into our Credit Risk Hub will create a simplified and expedited mortgage journey for all parties.”
Drawing on its industry leading ability to verify income from documents and pairing it with the smartest open banking categorisation technology, Hometrack and Moneyhub have set a new benchmark in customer-led solutions that can be integrated into lender and broker platforms for maximum efficiency.
Notes to editors
For further information, please contact:
David Sells/Eleanor Ross at Teamspirit for Moneyhub moneyhub@teamspirit.uk.com / 07393 758446
About Hometrack
Hometrack is the leading provider of insight and intelligence to the mortgage market and is trusted by major mortgage lenders, housebuilders and government bodies. The company provides over 85 million automated valuations each year, covering both origination and portfolio valuation.
About Moneyhub
Moneyhub is the leading Open Banking and Open Finance platform that uses the power of data, intelligence and payments to enhance the lifetime financial wellness of people, their communities and their businesses. Moneyhub’s APIs and white label solutions help businesses - both within and outside of financial services - drive customer engagement through hyper-personalised experiences.
The company takes consumer data security seriously and has been instrumental in the roll-out of Open Banking from its beginning. Leading the way in Open Finance since 2014, Moneyhub is authorised as AISP and PISP by the FCA, ISO-27001 certified, co-founder of FDTA and works on the Pension Dashboard and TISA Open Savings, Investment and Pension steering committees to put the power of data into the hands of those who own it: the consumer.
For more details, please visit https://www.moneyhubenterprise.com