In the age of instant lending, we need to remove the constraints that often characterize traditional financing and completely overhaul the processes while guaranteeing essential requirements: simpler applications, reduced disbursement times, and access to credit from any device, including remotely, from your home office or even your garden. These are the characteristics of the 22.214.171.124 experience.
The restyling of traditional financing should also take into account sustainability and financial inclusion, as promoted by the UN Sustainable Development Goals set out in its Agenda 2030.
Starting from these assumptions, BorsadelCredito.it - a marketplace-lending platform where companies can quickly find a credit solution and savers can access excellent investment opportunities - decided to optimize its assessment process using N.E.O.S. - New Evaluation Open Suite - CRIF Digital Next’s fully compliant solution for access, categorization, and aggregation of payments.
After acquiring the customer’s consent, the following actions are be performed automatically:
retrieval of payment data (current accounts and cards) of companies through a proprietary Access to Account interface (XS2A);
data aggregation through a next generation categorizer, able to classify different payment items according to the type of transaction (incoming or outgoing) and the type of customer, based on CRIF proprietary taxonomy;
calculation of a PSD2-driven score, which summarizes the information from current and payment accounts, maximizing the power of CRIF categorization and intercepting the subject’s payment habits to predict credit behavior.
In addition to the summary score, BorsadelCredito.it also uses the KPIs provided by CRIF in its origination strategies. These KPIs are developed based on spending/saving behavior patterns through augmented analytics techniques and algorithms such as, for example, the sum of the average account balances in the last 90 days, identification on a monthly basis of the period when the highest amounts of outgoing transactions occur or when there is on average greater capacity, in order to predict the range of incomings/outgoings in the short term (3 months), etc.
“As a digital native company, we are always on the lookout for smart and instant solutions that ensure businesses can access credit quickly and easily, without compromising on compliance,”
commented Antonio Lafiosca, COO of BorsadelCredito.it.
“Our motto is ‘24-hour response time, 3-day disbursement’. That is why we chose CRIF to help optimize our creditworthiness assessment process thanks to the potential of an open banking-oriented solution that can retrieve and aggregate the account data of our business customers through an Access to Account interface and AI-based categorization, allowing us to automate tasks that were previously managed manually. The information is then summarized in a score that allows us to assess 100% of businesses, even the so-called new2credit: start-ups that require financing for the first time. All this ensures a transparent, digital process with extremely fast disbursement times.”
“The opportunities offered by alternative finance are set to reshape the relationship between credit operators and their retail and business customers. In the case of SMEs, which during these difficult times may find it more difficult to access credit through traditional channels, the activities of alternative lenders can provide a real opportunity to improve financial inclusion. All this through a quick and effective creditworthiness assessment, leveraging the opportunities offered by PSD2,”
explained Simone Capecchi, Executive Director of CRIF.