The credit scoring service and the ClearScore marketplace launched a business-to-business division.
The purpose of creating a new division is to provide British lenders with mechanisms for simplified use of Banking open data. This information will be used by clients when making decisions about the allocation of funds.
The new division was formed based on ClearScore Money Dashboard and was named D•One. The activity plan of this unit as the main goal indicates the accelerated introduction of citizens’ banking data into the basic lending system. This solution will simplify the work of credit card providers and banks.
D•One combines two products. Connection•One provides the connection to 46 financial organizations. Category •One automatically classifies banking transactions and analyzes them.
The use of two products allows you to determine the specifics of the models of financial behavior of customers. Based on the analysis, forecasts concerning risks are created. This information is necessary for both bank customers and financial organizations.
Lenders can make a rating of potential borrowers based on the information received. A high probability of unjustified risk is a reasonable reason for refusing to grant a loan.
Justin Basini, CEO of ClearScore, says that using open banking is an effective way to identify and study financial behavior patterns to compile a rating of the prospects of interaction with borrowers.
Justin Basini notes that with the help of D •One, it is also possible to increase market coverage by excluding the least reliable users from the cooperation process.
ClearScore was founded in 2015 and became the first British company to provide its customers with free credit ratings and reports. The firm also provides free consultations on the most profitable financial solutions.
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