DirectID's 12 Month Plan To Expand Our Global Data Coverage


Product Updates
Jimmy McLellan
Written by Jimmy McLellan

Digital Marketer

DirectID's 12 Month Plan To Expand Our Global Data Coverage

DirectID has always been about providing our customers with easy applicant onboarding and consumer insights through the use of bank data. Over the last 6 months we have released some revolutionary solutions in our Insights and Income Verification products, and whilst we are very proud of them - we want more people to be able to use them around the world.

So we've created a data coverage expansion plan for the next 12 months that will sit alongside our existing product plans. To find out more either read on or talk to us about bank data coverage in your country today.

What will we cover in this article?

• Our bank data coverage expansion plan
• What this means for UK coverage
• What this means for North American coverage
• What this means for European coverage

The Plan

The plan is to expand our coverage of bank data around the world so that all the incredible business that use us daily to access bank data can also;

  1. Access data coverage through DirectID for further countries
  2. Increase data coverage with access to even more banks in each country
  3. Receive better data quality for existing banks in each country

Unleashing the power of bank data to help any business anywhere in the world is our goal, so where to start? Here is our plan for the next 6-12 months.

UK Coverage

Open Banking Expansion to Cover Tier 2 Banks

We are proud to be a Scotland-based company, and with our original customer base and subsequent growth coming from the UK we want to make sure we keep supporting them and extending the data they have access to.

We plan to extend past our direct Open Banking connections with the UK CMA9 Banks and their sub-brands (alongside our connections with Monzo and Starling) to include Open Banking connections with Tier 2 banks. This will ensure businesses using our platform can cover a greater number of potential customers' accounts.

Upgrade to latest Open Banking version

As we continue to be heavily involved with communities like FDATA striving to ensure Open Banking is implemented in the best way possible, we also look to continue upgrades of our own Data APIs.

What does that mean? We want to ensure we are using the latest versions of Open Banking, which can provide our customers with further options to use helpful consumer fields delivered through Open Banking.

Our plan includes upgrading to Open Banking v3.1.2 for a start. This will deliver more data endpoints, but most importantly will allow for the use of the long-awaited First and Last name fields on those consenting to their data being shared (according to the latest information from the OBIE). 

North American Coverage

US Plans

With several customers already using DirectID in the US we want to continue our support for these customers, and help thousands of other financial institutions take advantage of our solutions.

In line with this, we have joined the FDX (Financial Data Exchange) in the US. The FDX is leading the way with an industry-wide commitment to improving consumer control of financial data in a similar way to PSD2 and Open Banking in the UK and Europe.

We have also joined the North American wing of the Financial Data & Technology Association (FDATA), further driving our commitment to our current and future US customers.

All of this is to say we are looking at the best ways to expand our total data coverage in the US. Our plans also ensure the data quality is the best it can be for businesses relying on this information to make critical decisions, whether it be a lending decision or creating the next global FinTech innovation.

Canadian Plans

We are actively involved in discussions with Open Banking entities across the globe, and especially in Canada where their Open Banking implementation entity is making incredible progress to deliver the best solution to their consumers.

With Canadian businesses already making use of DirectID, we are looking to ensure integrations with these new Open Banking APIs (once ready) are part of our vision - ensuring we can continue to provide the best product possible.

European Coverage

PSD2 Regulated in 18+ European Countries

We are making great strides in preparing for European expansion. Whilst we already have coverage in several countries, we want to expand this for existing European customers and allow more businesses in other countries to access the incredible potential of DirectID's solutions.

We have successfully been granted PSD2 passports into many European countries, and will continue to apply for further passports with an initial shortlist of around 18 countries - these will be announced once confirmed so keep a lookout for further updates.

Rollout Integration to These Countries ASAP

Once ready we will commence the rollout of bank integrations for these countries over the next 6 to 12 months. We are incredibly excited for what this could mean for Global and European-wide businesses looking for solutions across multiple countries and will announce each country's integration as and when they happen.

 

So in a quick wrap up, that is our vision for DirectID's global data coverage in the next 12 months. We are focused on doing the best we can in our core markets (UK, US & CA, EU), and expanding our coverage as quickly as possible to keep up with the tough demands on financial institutions across the globe.

We haven't ruled out further expansion to other parts of the world either, so keep an eye out for coverage in your region. If you are interested in what our coverage already looks like head over to our detailed Bank Data Coverage page, and make sure to get in touch if you'd like to see your country on that list.

Talk to us about coverage in your country

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