The intelligence that underpins our Affordability API has moved on in leaps and bounds - so we're releasing a new version that's both easier to integrate into clients' existing lending flows and far more powerful.
Over the last few months, many of the technologies that underpin our Open Banking Affordability capabilities have moved on in leaps and bounds. That has meant that Bud's clients have more and more flexibility but it has also added some complexity to the simple integrations we’re known for. The new Affordability API fixes this - bringing together several of our key underlying capabilities into one easy-to-implement solution.
Feedback from clients has been clear that they want to be able to get going quickly before delving into the potential for customisation. With that in mind, we've simplified the affordability API to return a set of key data points that cover everything clients need to insert Open Banking data into their lending flows with zero hassle. These data points include:
It’s important to note that the types of data points we return aren’t exclusive to each other. Think of essential vs non-essential and fixed vs flexible as a matrix where categories of spending can fall into one of four cells. All of Bud’s 300 + categories can be represented in this way.
For this version of the affordability API, we've simplified things by using the Money Advice Service's Standard Financial Statement as the basic template. Those who want complete flexibility will still have access to Bud's flexible mapping between category level totals and their own affordability scorecards, but if you just want to get going quickly, this will get you there.
A lot of work is going into our affordability propositions at the moment and there's an exciting roadmap for the next few months including:
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