Basiq is an aggregation platform that provides secure API access to financial data from banks and other financial institutions, enabling applications to retrieve real-time account and transaction information. This technology addresses the challenge of obtaining a complete financial view of users, facilitating improved customer onboarding and enhanced financial insights for lenders and fintechs.
Funding
Funding not disclosed
Founders
Product
Problem
Many applications lack a comprehensive view of users' financial situations due to the difficulty of aggregating data from various banks and financial institutions. This incomplete picture hinders customer onboarding, limits the accuracy of financial insights, and increases the time required for customer acquisition.
Solution
Basiq offers a platform that provides secure API access to financial data, including Open Banking data, from a wide range of sources. This enables applications to retrieve real-time account and transaction information, giving a complete financial view of end-users. Lenders and fintechs can leverage this platform to streamline onboarding, enhance KYC/AML processes, reduce dishonor fees, and improve overall assessment accuracy. The platform also provides tools to identify financial patterns and trends, generate affordability insights, and manage consent policies.
Target Audience
Basiq targets lenders, fintechs, payers, and collectors who need a complete financial view of their customers to improve onboarding, reduce operational costs, and enhance their customers' experiences.
Features
- API access to accounts and transactions through Open Banking and other financial institutions.
- Insights to identify patterns and trends from financial data, including income, expenses, assets, and liabilities.
- Affordability insights to get a comprehensive view of end users.
- Comprehensive data holder solution encompassing authorization, compliance, consent management, security, and ongoing reporting.
- Out-of-the-box consent UI to define data scope and purpose of collection.
- Dashboard to manage applications and access data, and uncover insights about users.
- Developer-friendly APIs with developer guides and a sandbox for testing.