Glossary entry
Open Banking
A framework that lets customers share banking data securely with accredited parties to enable verification and pre-population.
Category
Lending technology
Definition
How it’s used in lending
- Pre-populate income and expense data
- Reduce document collection and rework
- Support faster, more accurate serviceability assessment
Why it matters
Verified data improves decision quality and enables higher STP rates in eligible products.
Related terms
Consumer Data Right (CDR)ServiceabilityStraight-through processing (STP)Looking for something else? Browse the fulllending technology glossary.
Looking for something else? Browse the fulllending technology glossary.
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