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LoanOptions.ai has announced it has partnered with open banking solution provider Wych to provide brokers and borrowers with access to real-time financial data, supporting loan application and matching processes.
The fintech said the partnership addresses previous challenges faced by LoanOptions.ai due to legislation and its dual role as both technology provider and brokerage.
The open banking integration across LoanOptions.ai’s platform is scheduled to go live in 4Q25.
It will be implemented across tools, including the five-minute digital loan application journey, the loan matching engine, and Synapses, its plug-and-play API ecosystem.
This is the first time LoanOptions.ai has integrated open banking data through its platform and follows ongoing testing.
Julian Fayad, founder and CEO of LoanOptions.ai, said: “We’re building advanced technology that’s making the lending process as painless as possible for borrowers, brokers, and lenders from end to end, while simultaneously strengthening the broking channels in Australia and New Zealand. Open banking is a fundamental part of providing a faster, more accurate, and more transparent loan matching experience.
“Partnering with Wych allows us to do this while putting our clients and the clients of our many partners firmly in control of their own data. Our entire suite of solutions will be strengthened by the technology, including AILO for asset brokers and HAILO for mortgage brokers, accelerating CDR Open Banking across the broking industry.”
Ben Ford, country manager – Australia at Wych, said: “Open banking is at a tipping point here in Australia, and the fact that highly innovative organisations like LoanOptions.ai are now demanding to make the switch is a testament to the work that has been done by all industry participants to constantly improve the data quality provided under the Consumer Data Right.
“Our APIs are built for agility and compliance, making CDR implementation straightforward for innovative fintechs like LoanOptions.ai. We’re proud to support their mission of democratising access to fair lending.”
[Related: LoanOptions.ai partners with LMG Asset Finance to drive AI integration]