CREDIT CHECKING MADE FAST AND ACCURATE WITH OPEN BANKING

Our Open Banking powered Credit Insight, allows lenders to accurately assess someone’s credit-worthiness and predict the likelihood of someone defaulting. Assessing a borrower’s finances based on questionaries, bank statements and employment data is not very accurate, it is difficult for lenders to determine the borrower`s ability-to-pay and have a clear picture of any risk indicators

 

Traditional credit checks vs. Open Banking powered credit insight

With traditional credit checks, the applicant is asked to provide a lot of documents. These documents are then manually analysed for each customer. This process is time-consuming and resource intensive. The approval can take weeks and customer journey becomes inconsistent.

Open Banking is bringing a revolution in credit-checking. The core approach of Open Banking powered Credit Insight: The lender asks the borrower to grant access to their banking data. With the consent of the borrower, this data will be analysed and categorized. A credit score is generated, giving a highly accurate indication of the risk of default. Clear indicators regarding potentially risky behaviour such as excessive gambling, overdraft fees, payment rejections can be immediately flagged. With these insights into actual financial behaviour the lender can make an informed decision and embrace the future of lending!

WORLDLINE CREDIT INSIGHT API

 


 

 

Worldline's API provides a simple plug-and-play solution to lenders. Borrowers are redirected to our concise GUI where they can log into their banking environment and provide consent to share their data. A highly accurate Credit Score can be generated by analysing 3 months of banking data.

  • Open Banking data is retrieved by Worldline’s TPP reach service

  • Through best-in-class machine learning techniques, this banking data is analyzed and categorised.

  • An accurate picture of borrower’s finances is ready within seconds

  • Any risky behaviour (problem gambling, defaults, payment rejections) identified in the data is flagged.

Benefits for lenders


Increased acceptance rate – with better data turn away fewer reliable borrowers

Fast results - instant access to real-time banking data 

Optimized customer journey for digital lending 

Faster loan approvals due to reliable risk assessment tool 

Reach underserved customers with thin credit files 

Benefits for borrowers


Faster approval and access to credit

Straight forward customer journey with reduced application processing time

No need for manual entry and paper submission

Access to more favourable interest rate terms and improved credit limits



This factsheet details, not only the key points about our Credit Insight product, but also analysis on how Open Banking data can be used to make the credit scoring process fairer, faster and more secure for all parties involved.
Download the factsheet ›

Why choose Worldline?

Worldline Credit Insight provides many opportunities to transform your lending journey: Approval is much faster, the borrower follows a consistent customer journey, we capture better information, we can predict default risk more accurately which means you can increase your acceptance rate, and with direct access to banking data you can have confidence in the validity & accuracy of the data.

 

We provide the best-in-class credit insight solution by: 
 

  • Assessment of the most important information with 3 months of banking data used to model spending habits and identify:

                • Revenues and regular expensed;
                • Affordability and capacity to save;
                • Negative events (such as cheque or payment rejections);
                • Overdrafts and other credit;

  • We are GDPR compliant, our solution is highly Secured & Encrypted and all services are hosted within the EU
  • We have an extensive TPP reach to 3500+ banks
  • We are a Trusted Digital Banking Partner & Open Banking Provider
  • We have a complete portfolio of products to enhance your digital journey:

                • Strong Authentication
                • Onboarding
                • E-signature