FCA approves Experian for Open Banking and PSD2 services

The Financial Conduct Authority (FCA) has granted Experian permission to operate as an Account Information Services Provider (AISP).

FCA approves Experian for Open Banking and PSD2 services

The accreditation allows Experian to provide Open Banking and PSD2 (Payment Services Directive 2) services, and means customers will be able to share data in a secure and compliant way, the company said.

Open Banking is designed to allow more in-depth assessments of customers’ affordability, which in turn encourage financial service providers to offer clients more appropriate products, improved services and better deals.

The company said it will be “a useful tool for organisations to ensure they only lend people and small businesses what they can afford to repay”, while it will also be used by price comparison websites, brokers and background checking providers.

Tom Blacksell, B2B managing director at Experian, said: “One bank has already signed up to use Experian’s Open Banking platform, and we’re running several proof of concepts with other clients so they can explore a range of innovative new services.”