AdviceRobo offers lenders a brand-new PSD2 API for transactional data categorisation and default prediction.
The Payment Services Directive 2 (PSD2) is the new European law for the payment transactions of consumers and businesses and aims to increase competition in the EU banking market, to stimulate more innovations in payment transactions and to better protect customers. In most EU countries it has become effective, and banks are investigating and exploring the opportunities for improved payment and account information services. FinTech AdviceRobo launches Europe’s first pan-European categorisation and default prediction API CatRobo that helps bank to use transactional data for advanced credit decisioning.
Benefits for lenders
AdviceRobo, offering AI based credit risk management solutions, has over the past 6 months developed a new AI-based prediction model based on the transactional data of consumers applying for a loan. AdviceRobo’s API will enable lenders to improve their credit decisioning by offering insights in spend categories and advanced default prediction per customer.
The solution categorizes 70% of the transactions automatically. AdviceRobo’s collective intelligence reduces lenders own development costs by offering a state-of-the-art credit intelligence solution. It will increase resource efficiency, productivity and competitive power. The engine powering CatRobo is driven by AdviceRobo’s core competences of artificial intelligence and behavioural & psychographic modelling.
Additional benefit for Dutch banks (delivering in different formats) is that the API automatically translates the different data formats banks work with. For other EU banks AdviceRobo can customize like this to the specific country within a couple of weeks.
AdviceRobo CEO Diederick van Thiel says he is very proud with this new revolutionizing API. “It serves the need in credit risk management to get more grip on the quality of the customer base. Also, the close cooperation with KPMG in this makes me proud. It shows the power of our cooperation to create a more financially healthy world.”