TAB unveils open banking interface




TAB has launched an open banking interface.

This can be accessed though a dashboard interface where borrowers can log in, view the details of their loan and make payments online.

According to the lender, this will enhance data privacy and security, as well as make it easier for borrowers to view and make payments, thus improving transparency.

It also aims to lower risk regarding KYC and anti-money laundering checks.


Mark Gillis, TAB’s director of technology, said: “Our borrower portal is market-leading for bridging industry fintech and a game changer for TAB and our borrowers, and this is only the beginning of our open banking journey. 

“Soon borrowers will be able to produce a redemption statement instantly, and we’re also creating a document store which will give easy access to loan documents, legal agreements, loan balances and payment details. 

“Our vision is for TAB to keep innovating until our system becomes the gold standard in the market.”

Duncan Kreeger, CEO at TAB, added: “We are committed to innovating in this space and we have taken our borrower platform to the next level by integrating open banking — this means more flexibility and control for our clients and borrowers, as well as increased security and efficiency.

“Open banking has the power to inspire a better relationship between us and our borrowers — it’s the future of money. 

“Borrowers will be able to see where base rate changes affect their payments via the borrower portal, improving transparency, which in turn will help us verify borrowers quicker and make decisions faster; it’s a win-win.”

Duncan added that the new open banking interface also reflects TAB’s aspiration to be a socially conscious lender. 

“ESG is built into the DNA of the business; our policies and product innovations aim to safeguard the environment where possible and environmental considerations, such as going paperless and adopting new efficient technologies, are important to us. 

“We take sustainability issues seriously and we're always looking for ways to innovate that are in line with our values — this is another example of that. 

“Financial institutions pursuing open banking solutions have a responsibility to do more than just comply with regulatory guidelines in place. 

“In becoming more inclusive, open banking ventures intrinsically support the premise of the “S” in ESG.”

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