Basiq, an open banking platform supported by NAB, Westpac, Salesforce, and Plaid, introduces new functionality for lenders to bundle open consumer loans, including buy now, pay debt later, to gain more visibility on customer debts.
Billed as a way for banks and fintechs to help consumers manage and make repayments, Basiq’s External Liabilities Package showcases lending data across Australia’s now most popular shopping platforms and alternative lenders.
The move comes as consumers increasingly look to BNPL platforms and alternative lenders as a way to access credit beyond traditional credit card accounts.
A recent review of the BNPL sector in Australia by the country’s Securities and Investment Commission found that one in five BNPL users had defaulted on repayments and were experiencing financial hardship due to interest charged on debt.
Basiq’s data network allows clients to link liability data from over 100 financial institutions for a complete picture of their loan obligations.
Basiq CEO and Founder Damir Cuca says: “Today most fintechs and lenders have limited visibility into a client’s debts. This makes it difficult to help clients track, manage and consolidate their debts. Our goal is to accelerate market innovation to guide customers to affordability and financial well-being.