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MIA-Fintech brings AI-assisted credit checks to emebedded finance platform

Source: Mia-Fintech

Mia-Platform, the end-to-end platform builder, has announced a new partnership with Genio Diligence, a specialist provider of due diligence services to credit institutions and credit brokers.

The partnership will see Genio Diligence’s AI solution for preventing credit-related risks made available to developers operating in the embedded finance sector, along with enhanced customer onboarding tools.

Consumer lending in the UK, excluding student loans, reached nearly £30 billion in July 2023, while business loans are projected to reach the highest levels in over a decade. At the same time, the challenging economic landscape means that credit risk is heightened for lenders, while fraudsters are ever active in seeking new ways to manipulate the system for financial gain.

Genio Diligence’s solution for shoring up fraud prevention, credit risk, compliance, document processing and digital signature authentication will be available as an API integration via the Mia-Platform’s Marketplace. Here, developers have access to ready-to-code plugins and applications that help to accelerate digital transformation. The partnership will be delivered via Mia-FinTech, Mia-Platform’s vertical solution focused on developing capabilities and solutions specifically for the finance sector.

Bruno Natoli, CEO of Mia-FinTech, is excited to begin the collaboration: “At Mia-FinTech, we are committed to breaking the shackles of traditional banking and digitally transforming the financial services industry. This collaboration marks a significant leap forward in our capabilities. By offering easy integration with Genio Diligence’s cutting-edge technology, we can provide our customers with the best-in-class solutions to secure their credit and risk assessment processes. We look forward to the positive impact this collaboration will have on our clients and the industry as a whole.”

Part of Genio Diligence offering includes an AI-powered document processing solution, called Readoc, that helps to safeguard the mortgage and loan market by automating the ID, proof of address and credit statement checks for a loan or mortgage applications.

Daniele Giuliani, CEO at Genio Diligence, explained: “The UK mortgage process is long, drawn-out and susceptible to fraud with some providers still offering manual underwriting. There’s a fragility of trust that exists between lenders and borrowers in the digital world. Lenders have to conduct rigorous due diligence and background checks to determine if an applicant is eligible for their services. Meanwhile, borrowers inevitably experience frustration from having to navigate several hurdles before their application is accepted.

“Working with Mia-Fintech, we can help facilitate the creation of fit-for-purpose applications that completely streamline and digitise these processes to enhance the credit lending experience whilst protecting brokers and credit lenders against bad debt.”

Genio Diligence is the latest partner to be added to Mia-Platform’s Marketplace as part of a strategy to offer developers easy access to a full suite of services for easily creating compliant, secure and user-friendly new applications that can transform their businesses.

Bruno Natoli finished: “We’re offering developers the chance to create end-to-end embedded finance services without the challenges of complex integrations or the burden of maintenance. Joining our marketplace, Genio Diligence will expand its reach into wider markets and create new use cases by embedding its technology outside of the financial services world, helping to secure the credit lending process for any digital lenders so that they can transact with confidence.”

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