The End of Paperwork: How Open Banking Is Transforming Credit Assessment

For many years, the credit assessment process looked more or less the same: proof of income, a copy of an employment contract, verification of declared insurable income, and a series of manual checks that took time - for both the customer and the lender.

Today, technology makes it possible to go much further.

A New Way to Assess Creditworthiness

Our credit intermediation partner, Svetoslav Milanov, and his team have implemented a solution that uses IRIS Solutions’ PSD2 Open Banking services to analyse information from customers’ payment accounts, with their explicit consent, and support the assessment of their creditworthiness.

This is not simply the automation of an existing process. It represents a fundamentally different approach to credit assessment itself.

Instead of relying solely on documents, the solution analyses transactional data directly, including:

✔️ the net amount of salary received via bank transfer;

✔️ the structure of income and expenses across payment accounts;

✔️ the customer’s transaction behaviour over time;

✔️ indicators that support the assessment of the customer’s risk profile.

What Customers and Lenders Gain

Thanks to this analysis, even before submitting a formal loan application, it is possible to assess which lender is most likely to approve the customer. This means fewer unnecessary applications, less waiting, and a clearer path towards the desired outcome.

At the same time, the bank receives a more comprehensive, objective, and structured view of the customer’s financial situation - information that, until recently, required multiple separate checks, manual calculations, and a significant investment of time.

The result is a faster, more transparent, and fairer process for both sides.

The Future of Credit Intermediation

At IRIS Solutions, we believe that the future of credit intermediation is not about requiring more documents. It is about the intelligent analysis of real payment account data, greater transparency, and better-informed decisions - for both customers and lenders.

This is more than just a new service. It is the next generation of credit intermediation: built on real data, transparency, and technology that works to the benefit of both customers and lenders.

Want to learn more about how Svetoslav Milanov and his team use IRIS Solutions’ Open Banking solutions for creditworthiness analysis? Visit svetoslavmilanov.com.