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Money Advice Scotland to pilot Open Banking technology

Scottish money charity, Money Advice Scotland, is piloting Open Banking technology on its new webchat service to speed up the early stages of debt advice.

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By using Experian’s Affordability Passport, Money Advice Scotland will be able to gather crucial data in minutes, as opposed to the weeks and months it can take over several advice appointments. The tool will allow the charity to gather income and expenditure data, as well as a statement of consumer credit debts.


Experian’s Affordability Passport is a web-based technology which allows organisations to offer customers a secure platform through which they can share bank account transaction data.


The open banking tool is used on the charity’s new launch of the first national webchat service for money advice. This service will allow more people to receive debt advice, while easing pressure on money advisers.


David Hilferty, deputy chief executive at Money Advice Scotland, said: “Our service represents the opportunity to bring speed and precision to the process of understand a full picture of someone’s financial circumstances.”


“Making use of open banking means we can help the client get this information in a matter of minutes and can start getting help straight away”.


Lisa Fretwell, managing director of data services at Experian, said: “By using our advanced analytics technology, Money Advice Scotland can remove that hurdle and get accurate, up-to-date insights on the financial position people are in, so they can plot the best route to get them back on track.”


The partnership is part of a pilot project due to run until March 2020.

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