ClearScore uses blockchain to reduce fraud in credit applications

Source: Ocyan

Leader in Blockchain and Cloud innovation Ocyan has partnered with leading UK FinTech ClearScore to launch RomanAgora, an identity verification (IDV) consortium and data marketplace powered by blockchain technology which will help reduce fraud in credit applications.

At present, fraud checking involves heavy manual operations, with multiple identity checks taking place on a continuous basis for an individual user, a process that takes a significant amount of time and resource for lenders. This lack of standardisation has led to an $18.6 billion cost in fraud cases and means lenders are missing out on 9-18% of opportunities to match the right person to a financial product.

RomanAgora solves this by allowing credit bureaus and financial services providers to use a common network to search and share identity verifications. Aided by blockchain technology - a secure shared ledger – a unique set of data can be used multiple times without the need to identify an individual on a continuous basis, reducing operational bureaucracy and eliminating fraud attempts.

RomanAgora became possible via its integration with Ocyan, an enterprise-ready blockchain platform (providing all the necessary infrastructure, automation, scalability monitoring, integrations and analytics beyond just a Blockchain As A Service model), enabling an effortless integration with ClearScore’s current tech infrastructure.

The result: all fraud cases that would have existed before due to data mismatch have been eliminated for ClearScore partners, plus a 6% improved conversion rate due to easier onboarding, and integration cost reduction between financial institution partners.

In addition, RomanAgora will be able to give end-users more control and transparency of their proprietary data, enabling them to approve requests from third-party partners to view information about them.

Gabriele Cacciola, CTO of Ocyan said: “We are proud to be the technology partner of choice for ClearScore. RomanAgora is a totally revolutionary platform that, thanks to blockchain features and capabilities, will allow end-users to finally have their credit and identity profiles securely stored and get back control of their data.”

Justin Basini, CEO and co-founder of ClearScore said: “Our ultimate mission at ClearScore has always been to help everyone achieve greater financial wellbeing. Our partners are key to this, and by working closely with Ocyan, we’re proud to be using a world-first innovation that protects consumers and makes fraud-checking easier and faster than ever before. ” 

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