Fintech & Ecommerce

Aiia announced partnership with Danish-based software leader

Their partnership will smoothen up creditworthiness assessment by combining access to financial data from Aiia with Subaio’s existing recurring payments detection

Aiia

Aiia announced partnership with Danish-based software leader. Source: subaio.com

Aiia, a Mastercard company, and Subaio have announced a collaboration to enable a smarter way for assessing creditworthiness through Subaio’s new white-label offering.

The solution is expected to help financial institutions, banks, leasing companies, etc assess consumers’ creditworthiness automatically with access to open banking.

The growing demand for better creditworthiness assessment is reflected in the EU’s revised Consumer Credit Directive that came into effect in 2021.

A directive was introduced to reduce the number of non-performing loans by ensuring that financial players identify and document customers’ income and recurring expenses before offering a loan.

We know the entire open banking space, and we’ve known for a long time that Aiia has always focused on data depth and quality. To create automation and a product that works for solid credit scoring across industries, we need as solid and deep quality of data as possible to label the transactions and categorise them afterwards. That’s why we chose Aiia to help us bring this next exciting step in the Subaio journey up to speed
 Soren Nielsen, Subaio’s Chief Commercial Office

According to information, Subaio’s new white-label solution can be used with any aggregator and has already gained traction with big financial players in Northern Europe.

We’re looking forward to supporting Subaio on their journey to build a smarter creditworthiness assessment tool that can be implemented in multiple lending cases ranging from banking to leasing companies and more. With Aiia, Subaio will be able to offer their customers a hassle-free, cost-efficient and data-driven solution to assess creditworthiness. With our high-quality data in mind, this open banking empowerment will grant borrowers better loan assessments based on the accurate overview of the consumer’s actual financial situation
Tanya Slavova, SMB & Fintech Director of Aiia 

The product is now being used by multiple institutions with a full rollout expected in Q1 2022.

We’ve reported that Mastercard launched virtual card solution for instant B2B payments.

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