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Trustfolio, Equifax Partner on Open Banking Feature for Debt Advisers

Panorama of a city business district with office buildings and skyscrapers and superimposed data, charts and diagrams related to stock market, currency exchange and global finance. Blue line graphs with numbers and exchange rates, candlestick charts and financial figures fill the image with a glowing light. Sunset light.

U.K.-based DebtTech company Trustfolio has partnered with Equifax on a new open banking-powered feature designed to give debt advisers better access to bank transaction data.

Trustfolio works on digital tools for creditors and wants to offer better debt solutions, according to an Aug. 5 press release. Through the new Debt Adviser Support Portal feature, advisers can access transaction data in an “expenditure-friendly format,” aiming to give users a better picture of a client’s financial situation.

The portal is an “online anywhere” digital platform for the not-for-profit advice sector which seeks to remove the administrative burdens involved in gathering clients’ financial information. According to Trustfolio, it offers more flexibility to add new technology and access relevant data.

The company also said the new features’ efficiency will help with supporting those who are “digitally excluded” and those who have mental health issues.

“While we acknowledge that accessing a client’s banking data won’t always be appropriate or tell the whole story of their financial situation, the option and ability to do so instantly will save advisers time and improve client outcomes by providing a fuller picture of their circumstances,” said Ryan Hayes, chief operating officer, advice sector at Trustfolio. “Debt advice sessions are becoming increasingly complex so by removing the administrative burden, we hope to enable advisers to focus on what is most important when it comes to dealing with those in financial difficulty as demand for advice continues to grow.”

Equifax has made other partnerships recently, with one such team-up with financial services tech solutions provider Fiserv intending to add more insights to help companies navigate the digital economy.

Read more: Equifax, Fiserv Team Up to Offer ‘Real-Time Data Insights’ for Business, FIs

PYMNTS wrote that the offerings will add a “more holistic” picture of businesses and their data, allowing for real-time data insights.

“Equifax understands that more data enables better decisions. We are energized about partnering with Fiserv to expand our differentiated data assets — leveraging our new Equifax Cloud capabilities to deliver smarter insights at a greater velocity than ever before,” Equifax CEO Mark W. Begor said at the time.

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