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The number of persons with payment default is record high. To prevent over-indebtedness, a responsible credit grantor must be capable to calculate the credit applicant’s payment ability, i.e. the monetary amount he/she has available each month to manage the loans. The payment services directive PSD2 has now made it possible to calculate the payment ability more accurately than before, by making use of the applicant’s account data with his/her consent. 

Account data reveal a lot of the applicant’s finances.

”The applicant may also have other regular income in addition to salary or pension; for example, income from rents. There also often are a greater number of recurring expenses, such as e-shop purchases or gym fees than we even come to think about. Bank account transactions give a genuine view of the whole, in other words of how much money there remains, so to speak, under the line in our household, Development Director Reetta Sinelampi from Suomen Asiakastieto Oy comments. 

”This data can now be utilised in payment ability calculation, as we have enabled connections to all banks and credit grantors reliably and safely with one integration”, Sinelampi continues.

The service provided by Suomen Asiakastieto Oy makes possible the utilisation of account data in the assessment of payment ability in credit granting and in other services bringing added value to the consumers themselves.

”It is important to understand that account data is never used without the person’s own consent. The consumers act as a captain in the process and determine the use of and access to their data by giving their consent. For example, it will be considerably easier for consumers applying for credit in the future, when they can give a reliable credit grantor their consent to view the account information directly from the bank”, Reetta Sinelampi emphasises.  

Further information on Asiakastieto’s PSD2 solution: