WeMoney has launched WeMoney Connect, a tool that uses AI to help banks, non-bank lenders and brokers assess loan applications.

Connect uses bank data shared through the Consumer Data Right (CDR) and is in limited early access.

Applicants pick their bank from more than 118 banks and financial institutions and choose the data to share.

Their banking password stays private from WeMoney and the lender. Lenders then work from information verified at the source rather than documents that can be altered.

One feature, WeMoney Enrich, adds merchant details and a category to each transaction.

It draws on more than 372,000 merchants and runs on Kookaburra, WeMoney’s own AI model.

The company says the model sorts 98% of transactions to the standard a loan decision needs.

A second feature, Agentic Assess, works out the applicant’s income, expenses and debts.

It checks these against the lender’s credit policy and serviceability rules.

The tool flags anything that would rule out the loan before a credit check. Each finding comes with its evidence, and the decision stays with the lender.

Mastercard, a strategic investor in WeMoney, secures the platform through Mastercard Open Finance.

From 9 November, the largest non-bank lenders begin sharing consumer data through the CDR. This adds car loans, personal loans and non-bank mortgages.

“People need a clear reason to share their financial information, and confidence about what happens next. Lenders need to understand where the figures came from and what they mean,”

said Dan Jovevski, Founder and CEO of WeMoney.

Consumers can use FinPass, a dated summary of their verified financial position. They can share it with a lender directly or through a broker.

Featured image: Edited by Fintech News Australia, based on image by WeMoney via its website.