By: 30 September 2020

Finicity Lend provides banks, lenders and fintech developers with access to tools that enable their borrowers to directly permission data and insights into lending decisioning processes

US-based open banking solutions provider Finicity has launched a new credit-decisioning product.

Finicity Lend provides banks, lenders and fintech developers with access to tools that enable their borrowers to directly permission data and insights into lending decisioning processes.

Leveraging the Finicity open banking platform’s data intelligence layer, Finicity Lend provides a new alternative data service, Cash Flow, that analyses financial account data, delivering a broad set of cash flow attributes and giving lenders more accurate insights into a small business or individual’s creditworthiness.

The new product also uses transaction and statement data services, as well as sources covering assets, income, employment and scoring attributes.

Finicity’s decision to position itself as a consumer reporting agency also ensures consumers have the ability to review, dispute, and correct any inaccurate information.

The open banking solutions provider says its new product addresses the need for more efficiency and accuracy, better risk management, real-time insights, and enhanced credit-decisioning.

Steve Smith, chief executive officer and co-founder of Finicity, said: “Our new Finicity Lend integrated solution set will complement the current credit rating system while leveraging the tremendous advantages of open banking to create an industry standard for assessing a borrower’s ability to manage a loan going forward.”

“Real-time, permissioned data from multiple financial accounts is the lifeblood of our secure open banking platform, and empowers consumers to make better financial decisions, to mitigate risk for lenders and can increase overall financial inclusion.”

Image: Shutterstock