Aggregator steps up compliance support

by Madison Utley10 Sep 2019

An aggregator has announced the implementation of a new tool for the handling of borrower living expenses.

Connective has integrated Credit Ready by CashDeck into its software platform, Mercury, to help simplify and expedite the process of verifying and analysing borrower living expenses.

“With the assessment of borrower living expenses remaining a sharp focus for lenders and regulators, incorporating Credit Ready into our Mercury platform will assist our brokers to satisfy an important compliance obligation as the task simply becomes an embedded part of the loan application process,” said Daniel Oh, Connective's group legal counsel.

Credit Ready is a bank statement and expense analysis tool that enables borrowers to securely submit bank statements from across their various accounts in a matter of seconds. The tool can also collate up to 12-months of transactions and automatically provide a detailed analysis across key spending categories.

“By integrating the tool within our Mercury platform, we are streamlining the arduous task of collecting bank statements and verifying living expenses for both our brokers and their clients,” Oh added.

“Aside from making expense verification a frictionless process, the analytical functionality of Credit Ready also supports the delivery of more detailed and better-quality loan applications.”

The new solution enables Connective brokers to send requests for bank statements and living expenses to their clients from within the existing platform. Once the client has submitted their documents, all data is automatically uploaded to their record within Mercury.

According to Wayne Robinson, founder and CTO at CashDeck, manually assessing expenses across multiple banks and accounts is laborious.

He said, “We’ve focussed heavily on developing systems to make tasks like this easier, while at the same time focusing on a superior and secure user experience. Working with Connective allows us to continue to build and evolve our technology as the needs of the industry change over time.”