Roma Finance introduce Open Banking
Roma Finance, the bridging and development lender, is delighted to announce it has successfully completed the pilot phase of its Open Banking platform.
Roma was one of the first, if not the first bridging lender, to have gone live with Open Banking earlier this year. Their online platform has been in use since the start of September and has proven to be the fastest, easiest and most secure way for Roma to access a read-only version of their
applicants’ bank statements.
Backed by UK Government, the Open Banking Standards are built with data security and customer consent at their heart, using 256-bit encryption protocol and does not leave a footprint on the customer’s credit file.
Open Banking has helped Roma’s brokers and customers by removing the hassle and delays often associated with the collection of paper statements, helping to ensure prompt, responsible lending decisions are made.
In October 2017, Roma introduced a Fast Track lending process which resulted in their ability to complete most cases within fifteen days and this new initiative is seen as another step in their transformation of the customer journey through advanced technology.
More exciting technological developments are in the pipeline to further enhance and speed up the customer journey and these will be announced in due course.
Scott Marshall, managing director of Roma Finance, commented: “We are continuing our strategy of investing in technology to ensure Roma Finance is the most technologically advanced lender in our sector. It’s our intention to constantly improve the way bridging loans are completed for the benefit of our introducers and their customers. We’re already completing many cases inside fifteen days and developing new initiatives such as Open Banking will help everyone involved and lead to a smarter way to make good and timely lending decisions.”