Experian, the global leader in data and information services, partners with Neonomics to enable faster and smarter information, decision-making and better access to finance for consumers and lenders, empowering both parties ensure responsible lending.
As part of this new business partnership, Neonomics and Experian A / S will provide lenders with reliable and up-to-date credit information by categorizing raw transaction data into pre-defined income and expense categories. This is a key step in Experian’s Open Data strategy, which will enable lenders to improve their decision-making processes and the user experience to attract new clients, manage their portfolios more efficiently and acquire a in-depth knowledge of their customers. For consumers, strengthening the responsible lending approach through open banking will allow for a much more efficient process of applying for, approving and receiving credits and loans.
As part of this partnership, Experian offers, as part of its Open Data strategy, its Trusso, an open banking machine-learning categorization engine, and Neonomics, as an approved third-party provider connected to more than 2,000 banks through the Europe, and with nearly 100% live fully operational coverage in the Nordic countries, enables purely API-based account-to-account payments and account data.
Bo Rasmussen, Experian’s Nordic Client Manager, said: “We are delighted to be working closely with Neonomics to make access to consumer transactional data and accessibility calculations faster, safer and easier. for applicants and lenders, ”added“ by integrating Neonomics we are able to respond quickly and efficiently to the needs of our clients, which translates into a beneficial outcome for all parties involved in multiple industries. “
“We are proud that Experian has chosen Neonomics to support its open data initiatives. With better data management and a more responsive user experience and information, we’re helping Experian deliver a much stronger value proposition to its customers. Christoffer Andvig, CEO of Neonomics added.
After its initial launch in Denmark, Experian’s Open Banking solution will expand to the rest of the Nordic countries. Businesses that offer personal financing, especially those that have relied heavily on a manual process without access to transactional data, will be able to make much faster and more accurate decisions about whether to offer a loan and what type of loan. it should be, and what is essential for Experian, responsible credit.