The ID Co Launches Open Banking API Platform

The ID Co. is excited to announce the launch and immediate availability of the Open Banking API Platform with full support for all of the leading UK banks.

Business customers are now able to use the DirectID platform to access the UK’s Open Banking services with live connections to all the most significant UK banks including Barclays, HSBC, Lloyds Group (Lloyds, Halifax, Bank of Scotland), Santander, The Royal Bank of Scotland, and Nationwide as well as a number of digital banks such as Starling and Monzo. In addition to the bank integration, the platform includes a full consent management service, a rich pre-packaged user experience widget, and a single, standardised, simple open bank data API.

Scott Leckie, CTO at The ID Co., says, “Completing the open banking integrations with the leading UK banks is an exciting step for our business and allows us to extend our platform coverage in the UK for both existing and new customers. Over the next few months, we will continue to add support for additional UK banks, provide support for new Open Banking V2 data blocks, as well as release new products and features based on bank data.”

The DirectID platform is live with many leading lenders, banks and Fintechs in the UK, US, Australia, Canada, Netherlands. The addition of Open Banking support will further enhance the financial institutions’ ability to solve business pains such as income verification, assess customer affordability, verifying account information, reducing fraudulent applications and improving credit risk exposure with real-time assessments.

“Open Banking in the UK represents a huge opportunity for not only businesses but consumers to benefit from. We are passionate to enable our customers to take advantage of the Open Banking opportunity and help them unlock the true value of Open Banking. After all, it’s not just about the raw data—it’s what you do with it that counts.” James Varga, CEO.

Imran Gulamhuseinwala OBE, Trustee of the Open Banking Implementation Entity (OBIE) said: “Open banking is not only changing the UK ecosystem but creating a global trend. The ID Co. has been a pioneer in the industry, and it is exciting to see them adopt Open Banking to their existing and established platform. This will enable businesses to quickly take advantage of the benefits Open Banking brings, creating new and innovative propositions which will help customers move, manage and make more of their money.”

The ID Co. is authorised by the FCA to provide AISP (Account Information Service Provider) services for the UK market. 

Be sure to read the next Banking article: CSI Launches Open API Platform

 

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