Global predictive analytics company FICO is partnering with open banking and financial services firm Open-Finance.ai to assist banks and FinTechs in speeding up and improving the decision-making process for credit grantors and other firms.

Under the partnership deal, Open-Finance.ai will integrate the FICO® Blaze Advisor® decision rules management system into its open banking platform, according to a press release on Wednesday (July 20).

The combined capabilities offer lenders an automated alternative with real-time appraisals that can replace inefficient credit assessment processes that are often manual and time-consuming.

“Israel is on the cusp of major banking reform with the introduction of open banking,” said Mark Farmer, vice president of partner management for FICO in Europe, the Middle East and Africa.

“Automating decisions allows lenders to increase the efficiency of the lending process without sacrificing risk management regulatory rigor. This will speed up lending, increase customer satisfaction, reduce operational costs and drive economic activity,” Farmer said.

Headquartered in Tel Aviv, Israel and co-founded in 2021 by CEO Itzik Gini and Shay Basson, Open-Finance.ai offers open banking solutions including ​​APIs, SDKs, and other financial services tools.

“Israel is on the cusp of major banking reform with the introduction of open banking,” said Mark Farmer, vice president of partner management for FICO in Europe, the Middle East and Africa.

“Automating decisions allows lenders to increase the efficiency of the lending process without sacrificing risk management regulatory rigor. This will speed up lending, increase customer satisfaction, reduce operational costs and drive economic activity,” Farmer said.

Headquartered in Tel Aviv, Israel and co-founded in 2021 by CEO Itzik Gini and Shay Basson, Open-Finance.ai offers open banking solutions including ​​APIs, SDKs, and other financial services tools.

Israel’s new open banking measures are an exciting opportunity to promote innovation and effective competition in the market,” said Gini.

With the emergence of open banking data in Israel, integrated technology from FICO and Open-Finance.ai is intended to level the playing field in obtaining credit and bring credit to more people. The data from the combined companies’ technologies is anticipated to remove human bias from lending decisions and improve risk decisions, according to the release.

“Manual processes, a conservative approach and significant regulation have been a drag on the growth of the Israeli market,” said Basson.

“Now, we have an ability to manage risk instantly, based on multiple data sources to provide an instant, yet risk-aware decision to credit and insurance consumers. To unlock this potential, we knew we wanted to work with FICO due to its global leadership position in decision management technology,” Basson said.

 

Source : PYMNTS 

Leave a Reply

Your email address will not be published. Required fields are marked *