Atto, a supplier of credit score danger options utilizing transactional knowledge, is happy to announce a strategic partnership with FICO (NYSE: FICO), a world analytics software program agency, for the UK market.
This partnership will allow UK lenders to simply combine Open Banking knowledge into the credit score scoring course of.
Atto and FICO are combining their experience so as “to ship transaction-based scores that rank-order shoppers’ danger by analyzing up-to-date consumer-permissioned present account and tradeline transaction knowledge.”
The mix of Atto’s Open Banking know-how and FICO’s wealthy heritage in transaction knowledge analytics can “present lenders with predictive fashions constructed on Open Banking knowledge for extra focused danger decisioning.”
Each firms have intensive expertise with Open Banking knowledge; FICO “has constructed scoring fashions utilizing Open Banking knowledge for different markets since 2018.”
Clare McCaffery, CCO at Atto mentioned:
“We’re excited to affix forces with FICO to convey transaction-based predictive fashions to the forefront of the credit score danger {industry}. Danger managers can leverage these scores knowledgeable by Open Banking transactional knowledge, giving them a to-the-second view of their clients. We’re delighted to be pushing the world of credit score danger ahead alongside FICO.”
The Atto Open Banking rating, developed by FICO, can “allow lenders to reinforce their danger administration methods and drive higher effectivity in lending processes.”
By leveraging up-to-date Open Banking transaction insights, lenders can “enhance buyer acquisition, handle portfolios to higher efficiency, and mitigate dangers to attain sustainable progress.”
Alexandre Graff, international head of World Companions & Alliances at FICO mentioned:
“This partnership represents a robust mixture of industry-leading experience and cutting-edge know-how, which might dramatically enhance UK lenders’ capability to serve their clients with the best merchandise and provides. Collectively, Atto and FICO are dedicated to empowering lenders with the instruments they should compete and develop their enterprise.”
Atto claims that it takes the lead with a transparent mission, “to form a extra predictable future for lenders. Utilizing real-time financial institution transaction knowledge, Atto delivers a collection of predictive fashions to empower danger administration.”
Atto provides a variety of insights “that offers danger managers an in depth view of buyer spending, saving, and incomes.”
This added degree of understanding “enhances credit score danger evaluation and promotes a extra compliant lending setting.”
Offering correct foresight lies “on the coronary heart of Atto’s values. By leveraging present monetary info, shoppers usually tend to obtain equitable therapy, while companies acquire the instruments to make extra knowledgeable and applicable lending selections.”
With innovation in knowledge science at its core, Atto paves the way in which “for a future the place advanced selections may be made in real-time with impossibly current knowledge.”
