Our team at Soar has been working hard to expand the services offered on the platform hub so that responsible financial institutions can replace outdated systems and manage more of their day-to-day activities from one place. We are thrilled to announce the imminent launch of two exciting new features: the integration of Open Banking, and Direct Debit and Faster Payment origination.
Automating the analysis of bank statements through the secure open-banking network means that potentially problematic transaction patterns can be quickly identified for underwriter review without the hassle and data-security risks of dealing with bank statements. Although Open Banking doesn't tell lenders whether their customers are in default on any existing loans, making a credit check still an important part of risk reduction, enabling an individualised approach through data-sharing.
In the coming weeks, you will be able to initiate direct debit collections from Soar’s hub as well as pay money out via Faster payments or Bacs, either to borrowers or your main institutional bank account. We chose our payments partner, Modulr, for their dedication to innovating new products and for their reliability. We’ll document the nuts and bolts of how this works which will be available to customers soon.
This supports our mission to unite the ethical market as a single customer for digital service providers, securing lower prices and avoiding paying subscription fees for rarely-used services.