OpenWrks lands government deal as digital affordability provider
OpenWrks, one of the UK’s open banking providers, has landed its latest deal to become the Money and Pensions Service’s digital affordability provider.
The deal will see OpenWrks’ MyBudget technology used to make digital affordability assessments. The application helps companies build bank verified income and expenditure (I&E) budgets.
The deal is part of the government’s digital enhancement to its debt advice service. OpenWrks claims to have connected more than 3,000 banks to date with its technology.
Aim of the deal
The Money and Pensions Service wants to boost the volume of debt advice sessions consumers receive. OpenWrks will supply digital affordability assessments in the government’s Pilot of Adviser Capacity and Efficiency (PACE) project.
MyBudget allows consumers to share their budget with advisers from one of the three participating charity partners that are delivering the debt advice sessions.
Money Advice Trust, the Citizens Advice and StepChange are the charities taking part in the project.
“The PACE project ultimately aims to serve customers better as well as increasing the volume of debt advice provided in the sector,” says Danial Kelly, a coordination and engagement manager on the project.
The project follows the 2017 launch of the Standard Financial Statement (SFS). The SFS has helped debt advisers consistently assess customer’s incomings and outgoings.
The government wants to improve this service with open banking. “[We are] seeking to increase the ease, accuracy and speed of the process so customers receive debt advice that is best tailored to their circumstances,” adds Kelly.
How MyBudget works
With open banking providing the transactional data, MyBudget then uses artificial intelligence (AI) to add layers of contextual information. This is to make the budget more accurate and realistic.
“In short, Open Banking isn’t enough on its own,” says OpenWrks’ partnerships director, Mark Hover.
“Context is needed to solve for missing payments, un-connected accounts, refunds and the complexities of a person’s bank account – which OpenWrks MyBudget solves.”