Knowledgebase

Analyzing potential customers by credit providers primarily involves assessing creditworthiness. EnableNow, in collaboration with RiskQuest, offers a powerful set of tools to map the financial stability of a consumer or business based on bank transactions. In this article, we will explain how bank transactions can be used to better analyze customers, with the aim of making credit provision more efficient while mitigating risks.

One of the greatest opportunities open banking provides credit providers is the ability to expand their customer base. By giving customers who fail to meet the criteria of the traditional screening processes a second chance through their banking transactions, they can potentially welcome even more applicants as customers. In this article, we will delve deeper into this use case and explore how open banking enables credit providers to identify reliable payers who would otherwise be overlooked.

We are proud to share that EnableNow is partnering with RiskQuest. By joining forces, we can now provide our customers with real-time insight into transaction data via the RiskQuest Navigator dashboard. On top the RiskQuest algorithm can automatically calculate credit risk.

Thanks to open banking it is now possible to easily share financial data, such as your transaction history, with others. Sharing financial data has possible for much longer, but the way in which it was done was often cumbersome. Think of manual exports or even further back in time requesting mountains of paper account statements. With open banking you can now share your data directly from your laptop, tablet or mobile phone with just a few clicks.

On the 25th of July 2023 a fundamental change will be announced in the context of the PSD2 regulations. From that date, the validity of a 'consent', or in other words a user's permission to share his or her payment details, will be extended from 90 to 180 days.

The Brabant Development Company (BOM), De Bossche Investeringsmaatschappij (BIM) and EMM Holding are making a follow-up investment in the AI ​​platform of EnableNow. The BIM finances from the municipal Data and ICT starters fund. The startup offers smart applications of bank data for the development of new services and products for companies. EnableNow customers use the Payment Service Directive2 (PSD2) license granted to the company by De Nederlandse Bank.