Experian, a world leader in data and analytics, and Invers, one of the first organizations that received a PSD2 AISP license in the Netherlands, today announced a collaboration agreement to provide companies with new solutions to optimize their credit granting decisions based on the transactional banking history of applicants. This is a further step in Experian’s Open Banking strategy, which will enable companies to improve their decision-making processes and user experiences to attract new customers, manage their portfolios more productively and gain in-depth knowledge of their customers.
Through this agreement, Experian and Invers have developed a technology platform for open banking. The platform contributes to financial innovation through Invers’s PSD2 aggregation and bank transaction enrichment technology and Experian’s expertise in credit scoring and data analysis.
This new solution will therefore enable lenders to offer more competitive services and better financing terms to its users for businesses and SMEs. Consumers, meanwhile, will benefit from greater personalization and an optimized shopping experience, free of friction and with guarantees to protect their privacy and identity.
New credit and solvency solutions based on real-time analysis of transactional banking data will revolutionize not only the credit industry, but also the telecommunications, insurance, energy, retail, and other industries, enabling better business decisions to be made faster and automatically.
“This is a breakthrough for the business of Experian and its partners,” said Veronica Flyckt, site manager of Experian Nederland. “Until now, the industry’s product offering – and not only financial products – has mainly been based on information on default incidents and estimates of an individual’s risk profile. With the new PSD2 regulation, Invers and Experian can enrich this credit profile with additional information on financial behavior, bringing significant benefits to consumers and businesses,” she adds.
PSD2: redefining the rules of the game for Open Data access
The new PSD2 regulation requires banks to share the financial data of customers with third parties, if the customer consents. The ultimate aim is to promote transparency, security and competitiveness in the sector, and also stimulate new business opportunities for fintech’s, SMEs, banks and other businesses.
This directive will allow companies to access new customer data and business. But without proper analysis and implementation of software tools such as Invers, it will be impossible to make the most of it. According to Arash Poorasadi, CMO of Invers, open banking promotes transparency and accelerates innovation: “Our cooperation in which customer bank transactions from Experian and its partners is enriched by Invers will make credit scoring faster, safer and simpler for both the applicant and lending institutions resulting in a beneficial outcome for all parties involved in the value chain”.
The integration of these new technologies gives applicants a clear competitive advantage and puts the customer at the center of their business. This will be a determining factor for entrepreneurs and SMEs. “With Experian, we have now the perfect combination of enriched data and technology that uses advanced analytics to extract the maximum value possible. The application of Artificial Intelligence and Machine Learning technologies also increases the predictability of consumer behavior,” explains Veronica Flyckt.
Finally, getting to know customers better thanks to the automation of bank data will allow credit processes to be fast and very simple for customers. Additionally, companies will be able to adapt their offer to each customer in order to provide them with the products or services they really need.
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In July 2019, Invers was one of the first in the Netherlands to receive a PSD2 AISP license (R161376) from De Nederlandsche Bank. The license completes our chain of services; retrieve bank account data > enrich bank transaction data > process enriched bank transaction data into accurate financial analysis. Our services are used for credit scoring, credit applications, mortgage applications, tax returns, debt assistance, savings advice, financial planning and many other financial services and related industries.
Invers was founded in 1994 and our years of experience enables us to develop innovative and high-quality fintech services. We anticipate changes in the financial market and act upon these changes, responding with smart fintech services. This is how we provide our partners innovative solutions to gain insights into liquidity, solvency, spending power and more.
More information: www.invers.nl
English page: www.invers.nl/english
Experian is the world’s leading global information services company. We help individuals to take financial control and access financial services, businesses to make smarter decisions and thrive, lenders to lend more responsibly, and organisations to prevent identity fraud and crime.
We have 17,800 people operating across 45 countries and every day we’re investing in new technologies, talented people and innovation to help all our clients maximise every opportunity. We are listed on the London Stock Exchange (EXPN) and are a constituent of the FTSE 100 Index.
Learn more at www.experian.nl.