Turn down the noise: Mastercard Open Finance lending solutions tune insights for lenders in the US

Open finance has enabled many lenders to use consumer-permissioned information to simultaneously make lending decisions and welcome new types of borrowers. However, there is one drawback: issuers and lenders can find themselves drowning in an ocean of data, unable to zero in on the details they need.

That’s why Mastercard Open Finance¹ has launched a product enhancement that lets lenders filter through that wealth of transaction data. What they end up with are tailored reports that quickly highlight essential transaction patterns so that issuers and lenders can assess a borrower’s creditworthiness. 

The new transaction filtering enhancement was inspired by customer feedback highlighting the need to easily identify rental payment history to help low‑ to middle‑income earners on the path to homeownership.

Now, issuers and lenders can quickly analyze consumer-permissioned transaction data, by filtering it by transaction descriptions, amount ranges, and 120 categories applied using AI categorization models. This feature isolates the selected attributes, revealing clear insights that can save lenders time. 

Filtered transaction results are summarized in a clean, easy-to-read PDF report which lenders can share with underwriters and others in the financing chain, speeding up lending decisions and loan issuance.

Lenders can use transaction filtering to suit their needs. For example, lenders can quickly see whether borrowers make consistent rent or utilities payments, helping those with thin credit files or low scores qualify for credit cards, auto loans or mortgages. Or lenders can glean a better view of how borrowers handle other financing obligations, such as Buy-Now-Pay-Later (BNPL), which often do not appear on credit reports. 

Regardless of the use case, advanced transaction filtering consistently provides high quality, standardized results every time. 

“We are excited about the customization and flexibility this offers to lenders, allowing them to use consumer-permissioned data in ways they weren't able to easily do before,” says Layton Checketts, Director of product management at Mastercard Open Finance.

Learn more about Mastercard Open Finance lending solutions or request a demo below.