Cybertonica and Credit Kudos announced at Money20/20 a new partnership using their combined platforms to automate credit scoring, harnessing Open Banking.
Credit Kudos is an FCA-authorised challenger Credit Bureau and Account Information Service Provider (AISP) that uses financial behaviour to measure creditworthiness. Partnership with Cybertonica, and the use of their new ScreenWiZe™ product will enable new features and behavioural analytics, improving scores and speed by more than 30%.
Joshua Bower-Saul, CEO of Cybertonica stated:
“Working together with Freddy and the Credit Kudos team we will disrupt the future of real-time credit scoring and lending and make consumers’ and merchants’ experiences seamless.”
Using Open Banking standards, transaction data combined with biometric and behavioural modelling means rapid approval of an application and near zero fraud and default rates. The Cybertonica-Credit Kudos team will reduce non-paying lenders by 50% or more, while actually growing approval levels across a portfolio that grows 20% faster. Ruling out bad applicants in real-time and providing credit decisions real time changes the game.
Alan Nagle, Chief Commercial Officer of Cybertonica said:
“Credit Kudos is a new kind of Credit Bureau that uses financial behaviour to measure creditworthiness, their way of scoring e-commerce applications in a digital world significantly disrupts today’s more process-heavy underwriting services. The Cybertonica team are really excited to be aligned with this cutting-edge technology by adding our ScreenWiZe™ product to enhance their already new age technology for years into the future, ScreenWiZe™ is a biometric mouse movement monitoring technology that works symmetrically with Credit Kudos adding value in different verticals.”
Freddy Kelly, CEO and Co-Founder of Credit Kudos said:
“We’re thrilled to partner with the team at Cybertonica, combining the power of transaction data, alongside biometric and behavioural modelling to further advance the measurement of creditworthiness. Our platform takes the pain out of scoring e-commerce applications for both the applicant and lender, and now teamed with Cybertonica’s ScreenWiZe™ product we look forward to seeing the advancements that can be made through this partnership.”