Open Banking Suite

FAST AND RELIABLE CUSTOMER EVALUATION

CRIF Open Banking is a suite of solutions used to evaluate customers and manage processes using PSD2 data.

CRIF open banking solution enables access to payment accounts in order to accelerate creditworthiness evaluations, both for consumer and business, categorizing customer account transactions, profiling the spending behaviours and revealing related development  opportunities.

Thanks to CRIF ML and AI technology, financial institutions can leverage their customers’ transaction data (current account, credit etc..) with accurate categorization for specific profiling , KYC/KYB and indicators for effective risk avoidance plans and loss reduction.

ACCESS TO ACCOUNT

CRIF is able to provide connectivity needed to access to bank accounts.

Consent needed is acquired in two different ways: recurring and one-time access


CATEGORIZATION ENGINE & KPIS

CRIF is able to collect customer’s Open Banking consent and access to bank accounts.

Then, a proprietary categorization algorithm classifies the current account transactions into different categories

CRIF has developed an analytics suite of structured insights from unstructured data. Insights and KPIs are then integrated to assess the customer portfolio in terms of risk monitoring as well as KYC and cross-/upselling strategies.

SCORE

CRIF Score is entirely based on current account information and on the categorization of banking descriptions performed by ML and developed using Advanced Analytics techniques.

  • Improved profiling processes
  • Powerful set of insights
  • Improved active customer management
  • Evaluation of new-to-credit & new-to-country subjects
  • Reduced risk of loss
  • Risk mitigation
  • Improved customer knowledge
  • Growth in business opportunities
  • Differentiated and targeted marketing intelligence
  • Cross-/upselling strategies and plans
  • Open banking
  • Access to Account
  • KPI calculation
  • Score calculation
  • Account transaction categorization
  • Cash flow Indicators
  • Customer portfolio risk monitoring
  • Customer portfolio profiling
  • Marketing intelligence insights

The CRIF open banking suite has been enhanced with the Payment Initiation Service.

The seamlessly integrated Payment Initiation Service enables the initiation of payments as part of common checkout processes and the quick and easy receipt of payments through initiation via a QR code or link.

The PISP service is ready to use and compatible with any core banking system, allowing end users to make SEPA and SEPA instant payments through online banking, after having granted their authorization via a Strong Customer Authentication (SCA) process.

Payment initiation complements the digital payments offering, acting as an alternative to the most common wallets and credit cards used online, bringing various benefits to both merchants and end users:

  • Speed: Payments are initiated through APIs, so they are immediately processed
  • Cost effective: Payment initation is cheaper than other payment methods e.g., direct debit, debit and credit cards. No % or hidden fees are applied
  • Easy to use: Users don’t need to manually type in bank account numbers or other details
  • Enhanced Security: No manual bank account data is provided. Payments are initiated ONLY after the user performs SCA
  • No bank account legacy: Payment initation, thanks to APIs, can work with any bank

HOW WE HELPED OUR CLIENTS UNLOCK THEIR POTENTIAL

Discover how some of the world's most important companies improved their performance and defined a brand-new digital path, both for them and for their clients.

Italian Tier-1 Lender

Personal Loan Digital Approval

An Italian Tier-1 Lender needed a better scoring model, time to market, and digital customer profiling, as well as market insights into new data assets.Rejection rate reduction

  • Custom Widgets
  • PSD2 score integration
  • KPI Integration
  • Time-saving document automation
  • 50 %

    Automatically processed applications

  • 7 min

    Time saved for form filling

  • 59 %

    Rejection rate reduction

For An Italian Fintech Company

PSD2 INTEGRATED INTO FULLY DIGITAL PROCESS

An Italian Fintech Company needed to improve approval rates and reduce rejection rates. It wanted to improve the risk assessment, particularly for the medium-risk area, Improve time to market by guaranteeing an online result and Improve the customer experience for the fully digital process

  • Integration of current account SCORE in the scoring model
  • Integration of KPIs as upgrade and downgrade rules to cut the medium-risk area
  • +50 %

    Increase in automatica approval rates

  • 2 x

    Granted Loans for the same amount of users landing on the website

  • -20 %

    Reduction in rejection rates (from 88% to 68% using PSD2 data)

Credit card issuer and financial services provider

Recovery of rejected customers

A credit card issuer and financial services provider wanted to improve financial inclusion and adopt an effective creditworthiness evaluation system.

  • Access to bank account through consent collection
  • Time-saving notification system
  • Instant credit score evaluation
  • Custom KPIs
  • 60 %

    Bank account holders sharing their data

  • +20 %

    Customers accepted after 2nd evaluation

GET IN TOUCH WITH THE SALES TEAM

What does the next digital journey of your business look like? Let's find out together.