Italy-based ConTe. it Prestiti has partnered with Open Banking platform Tink to offer customers an improved lending application experience.

Through this partnership, ConTe. it Prestiti will leverage Tink’s Income Check product and will gain the ability to make more accurate affordability assessments. Income Check allows banks and lenders to instantly verify a person’s income using secure and real-time data directly from their bank account.

Clients can consent to connecting their bank account using a single click or by leveraging face recognition technology. The system then looks into the user’s bank account and analyses income-related transactions over more than 12 months in order to categorise them as salary, pension, benefits or cash deposits. The primary goal of the partnership is to allow ConTe.

it Prestiti to embed Tink’s technologies to expand its operations across Italy. However, since Tink’s Income Check also streamlines the verification process, it can minimise the time and cost to apply for a loan thus improving user experience. ConTe.

it Prestiti officials talked about the partnership with Tink in the company press release and emphasised how it will help them provide tailored loans exclusively on the characteristics of individual applicants. They also revealed their intentions to leverage Open Banking to become the first lender in Italy to offer instant loans. In turn, Tink representatives talked about the importance of real-time insights in the context of accurate loan application assessments.

They also highlighted Income Check’s speed and reliance on up-to-date income information in contrast with credit scores and antiquated risk decisions. They believe that Income Check can help ConTe. it Prestiti to obtain a clearer, more comprehensive insight into a loan applicant's repayment ability.

Other developments from Tink In November 2022, Tink launched the Balance Check product, which allows customers to verify account balances. Powered by Open Banking, this feature was designed to simplify the setting up of direct debit mandates, supporting businesses and consumers during economic uncertainty. Balance Check uses real-time account data to give businesses the ability to verify how much a user has in their bank account, for example at pre-purchase to check whether there are sufficient funds or post-purchase to check for sufficient funds prior to a monthly direct debit collection.

According to the company press release, Balance Check can help fight fraud, minimise failed payments, and protect customers from unnecessary penalty fees and from seeing their credit score negatively impacted. Furthermore, as the cost of living continues to rise, Balance Check can supposedly help businesses protect revenue, reduce risk, and increase efficiency. .