Abound and D•One, two innovators in the FinTech space, have announced a groundbreaking partnership.
Abound, a leading credit technology company based in London, is renowned for integrating alternative data and AI to refine consumer lending. D•One, known for its robust open banking solutions, operates as the open banking business unit of The ClearScore Group.
The partnership aims to enhance the credit assessment process by utilizing open banking technology and AI. Abound will leverage D•One’s open banking connectivity and transaction categorisation intelligence to improve affordability assessments for prospective borrowers.
Abound excels in utilizing open banking and AI to provide a more nuanced analysis of borrower data. The company’s AI credit engine, Render, processes banking transaction data to offer more accessible and affordable lending solutions while reducing credit risks.
D•One, on the other hand, offers comprehensive open banking connectivity and a highly accurate transaction categorisation model, which has been refined over 12 years with more than 7 billion transactions.
The collaboration is expected to set new standards in financial inclusion and credit performance. D•One’s technology enables Abound to make rapid affordability assessments, which is crucial for expanding access to financial services.
Tim Kelleway, director at D•One, highlighted the benefits of open banking in credit assessments, stating: “Open banking helps assess borrower risk more fairly, which is a positive innovation for the credit market. Abound is one of the most advanced lenders in the UK in terms of leveraging open banking data to drive greater financial inclusion. As Abound scales in the UK it is drawing on D•One’s specialist expertise in transaction categorisation to help make affordability assessments in milli-seconds.”
Michele He, co-founder and COO at Abound, expressed enthusiasm about the transformative potential of open banking: “Traditional lenders are still relying on credit scores, which is a limited technology that excludes many low-risk people simply because they are credit invisible. At Abound we see open banking as a unique opportunity to transform lending and we have proved that this technology can help us both serve more people and improve credit performance. D•One and ClearScore align perfectly with our mission to expand access to affordable loans.”
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