This page describes how Akahu generates PDF statements for loan applications using open banking.
Akahu is New Zealand's leading open banking intermediary, providing data connectivity to a broad range of government, corporate, and fintech organisations.
Many lenders require PDF evidence to support a loan application. We meet this requirement by using open banking to fetch transactions for the requested date range, then generate a PDF "open banking statement" from those transactions.
Each statement includes information about the account number, account holder, closing balance, relevant credit limits, date range, and a list of all applicable transactions.
There is also a timestamp of when the data was collected, and confirmation about how the data was collected.
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Loan applicants convert through regulated open banking connection flows at a higher rate than screenscraping flows.
The applicant can log in directly with their bank, rather than entering their credentials into a third party service.
If the applicant is on a mobile device, we can deep link them to their bank's mobile app, which enables simple login using biometrics or PIN.
Our open banking statements enable brokers and lenders to seamlessly transition to collecting data via the regulated open banking system.
Akahu open banking statements provide high quality evidence to support your FSLA or CCCFA obligations.
The PDF format ensures that you can share and store application evidence in alignment with your existing processes and policies.
Akahu will generate an open banking statement for the exact time period that you request.
Akahu Apply will also continue to provide bank-generated statements that start and finish within the period requested. If you need bank-generated statements in addition to open banking statements, we recommend increasing the amount of data you request from applicants (such as 180 days instead of 90).
You can be confident that data was retrieved directly from the bank, with no chance of tampering by an applicant.
Akahu is an "accredited requestor", meaning that we are a direct participant in New Zealand's regulated open banking system.
Where possible, Akahu connects to banks using this regulated system.
Look for the official mark to know that an open banking statement contains data that has been collected using the regulated open banking system.
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We also support "classic connections" with banks and other financial service providers that are not part of the regulated open banking system.
Classic connections are facilitated by Akahu logging in as the customer in order to collect data in accordance with the customer's instructions.
Akahu Apply combines our open banking connectivity, PDF processing, and data enrichment capabilities.
We can provide you with an account for the Akahu Apply web portal so that you can immediately begin a free trial.
Alternatively, we can provide technical support to integrate the Akahu Apply API into your existing systems.
