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