Experian partners with Neonomics

Thursday 8 April 2021 12:10 CET | News

Data and information services company Experian has partnered with Neonomics to enable better insights, decision-making, and greater access to finance for consumers and lenders.

In this new commercial partnership, Neonomics and Experian will provide lenders reliable and up-to-date credit information by classifying raw transactional data into predefined categories of income and expenditure. This is a key step in Experian's Open Data strategy, which will enable lenders to improve their decision-making processes and user experiences to attract new customers, manage their portfolios more effectively, and gain in-depth knowledge of their customers. For consumers, strengthening the responsible lending approach through Open Banking will enable a much more efficient process in applying, approving, and receiving credit and loans. 

In this partnership, Experian is bringing to the table, as part of their Open Data Strategy, their Trusso, Open Banking machine-learning categorisation engine, and Neonomics, as a licensed third-party provider connected to more than 2,000 banks across Europe, and with close to 100% live fully operational coverage across the Nordics, is enabling pure API-based account-to-account payments and account data. Following initial launch in Denmark, Experian’s Open Banking solution will expand into the rest of the Nordic countries. Businesses that offer personal financing, especially those that have heavily relied on a manual process without access to transactional data, will be able to make better decisions on whether to offer a loan and what type of loan it should be, and always ensuring what is key to Experian, responsible lending. 

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Keywords: Experian , Open Banking, partnership
Categories: Banking & Fintech
Countries: Europe
This article is part of category

Banking & Fintech