Open Banking Suite

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