Basiq, A NAB-backed fintech has helped facilitate the first loan approval under the new open banking regime.

Open banking start-up Basiq has concluded its Series A funding, securing investment from Salesforce Ventures, NAB Ventures and Westpac’s Reinventure.

US technology giant Salesforce is .... investing alongside Westpac Banking Corp and National Australia Bank in open banking platform Basiq, which could provide users of its software with a more comprehensive view of customers' financial position.

Basiq is excited to announce that we have been nominated as finalists in the 4th Annual Fintech Awards for our partnership with Regional Australia Bank.

"One way to look at it is if you're applying for a home loan, it will be much easier. A lender will be able to assess your risk profile based on your data and be able to get a better deal for you if you're in the lower tiers," Basiq CEO and founder Damir Cuca in the AFR.

The Finnies are the biggest Fintech awards in Australia and Basiq are proud to announce that we're a finalist for 2019 Fintech Organisation of the year.

"A start-up backed by Westpac and National Australia Bank has developed software to read bank account data and automate the loan assessment process for banks, allowing them to base lending decisions on actual customer spending rather than relying on estimates and indexes."

"With the introduction of Open Banking, financial services organisations will need to provide their data through standardised APIs, which is possible using Basiq’s platform."

Basiq is a finalist for Excellence in Data/AI/Digital ID Solutions in the 2018 Finnies awards.

"Grow Super, part owned by IOOF, and Basiq, part owned by Westpac Banking Corp and National Australia Bank, have worked together to build the software that provides alerts to advisers about when to call their clients."

"It is obvious from the royal commission going on that there is a lot more that banks can be doing to tighten up processes and open banking is a solution for that" - Damir Cuca, CEO and founder of Basiq.

Basiq already provides fintechs with secure access to some of the data on consumers held by banks. Its founder, Damir Cuca​, says open banking could make life easier for consumers by enabling services like on-the-spot approval for customers who want a loan based on shared transaction history.

"When applying for loans or credit cards, consumers will no longer need to worry about sending in their last bank statements or payslips" - Damir Cuca, CEO and founder of Basiq.

Speaking on a panel at the AustCyber (formerly the Australian Cyber Security Growth Network) National Fintech Cyber Security Summit in Sydney yesterday, fintech leaders argued they need time to earn the public’s trust, and that being transparent was a good way to do so.