ClearAccount, powered by consents.online, has today become the first Personal Finance Manager to utilise the newly implemented Open Banking API framework

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consents.online releases the first live Open Banking Personal Finance Management product

Consents Online Limited (consents.online), one of the first Registered Account Information Service Providers (“AISP”s) in the UK and the only AISP offering branded Open Banking as a Service (“OBaaS”), is delighted to announce that ClearAccount, a powerful Personal Finance Manager (“PFM”) powered by consents.online has today become the first PFM to utilise the newly implemented Open Banking API framework.

ClearAccount will only be accessible through Open Banking for HSBC Bank customers in the first instance. Whilst consents.online has integrated with all available bank APIs and is actively testing them for stability and consistency, it has determined that the HSBC API is the first ready to set live in the market, although it is expected that others will be added to the ClearAccount offering soon.

consents.online is a platform that enables clients to access transaction data and provides a place where consumers can control what information they share with whom and on what terms, with complete transparency. Initially managing the sharing of bank transaction data obtained using the UK’s Open Banking system, consents.online will evolve over time to facilitate the sharing of other information including credit card, insurance, social media and mobile accounts.

consents.online is part of the AccountScore group of companies which specialises in transaction data analytics and transaction level categorisation for consumer and business lending, operating in the UK, USA and India.

Open Banking is a UK government backed scheme aimed at promoting competition within retail financial services. The ability to securely share banking transaction information with authorised third parties, allows customers to take advantage of a new wave of innovative products and services currently under development.

Emma Steeley, Commercial Director at Consents Online Limited, said: “We are excited that ClearAccount will be the first live PFM in the market to benefit from the use of the Open Banking API framework. We would like to offer our profound thanks to the managed roll out teams at the Open Banking Implementation Entity (“OBIE”) and HSBC Bank for their hard work and support in helping us go live with our Open Banking solution so quickly.

Open Banking APIs mean that a customer is never asked to disclose their username and password with any institution other than their bank - maximising security for the consumer and improving conversion rates for financial and technology providers.

We look forward to working with our B2B clients of different sizes, sectors and countries to demonstrate that transaction data provided under PSD2 has the power to revolutionise customer insights and processes.”

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For further information, please contact:

Emma Steeley
Emma.steeley@accountscore.com
+44 (0)207 030 3000

About consents.online (https://consents.online/)

Consents Online Limited (consents.online) is a registered Account Information Service Provider (“AISP”) which provides branded Open Banking as a Service (“OBaaS”) and has access to APIs from banks to collect transaction data.

Consents.online take care of three key areas or responsibility for their clients:

1. Provision of a branded, customer facing consents management platform which takes care of the regulatory requirement to provide transparent and editable consent management.
2. Taking responsibility for regulatory compliance and data integrity.
3. Providing a unified platform allowing easy integration to B2B customers.

consents.online is introduced to customers via its B2B clients. When consents.online’s’ clients ask for access to transaction data they introduce consents.online during their sign up journey, describing it as their trusted partner which:

1. Collects data for them,
2. Providing visibility into what data is being accessed, and
3. Helps customers to control access in the future.

Once a customer has given consent, the system connects to their bank and pulls transaction data for the client. The customer is then given access to consents.online via the website or the iOS or Android app, where they can control and monitor those consents. If a customer has provided consent to multiple parties to access multiple sources of information, all of the consents given can be managed in one place.

consents.online is a subsidiary of AccountScore Holdings Ltd, the parent of a group of businesses involved in the provision and analytics of bank transaction data including AccountScore Limited, described below.

Taken together, consents.online and AccountScore provides beautifully categorised and organised bank transaction data to banks, financial service providers and other financial technology innovators empowering businesses by providing a unique, real-time insight into the financial circumstances of a consumer.

About AccountScore (https://www.accountscore.com/)

AccountScore Limited (AccountScore) is a highly innovative global data and analytics business that provides actionable insights and analytics on bank transaction data for clients. Providing reliable, accurate and easy to understand transaction data analytics on data either sourced through consents.online or directly imported.

For banks and financial services providers, key benefits are as follows:

  • Accurate identification of salary and other sources of income;
  • Detailed disposable income assessments;
  • A complete listing of financial service and other regular commitments;
  • Visibility into missed payments or returned direct debits;
  • Identification of problematic behaviour indicative of likelihood to default - such as repeated online gambling

Headquartered in London, with market presences in the USA and India, AccountScore has launches planned in additional global markets throughout 2018.

The management team has extensive experience in working with bank transaction data and has spent the last two years delivering innovative products and solutions to clients helping to lead the way in Open Banking in the UK market.

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Emma Steeley
AccountScore
+44 207 030 3000
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