BNP Paribas teams up with Experian & Aryza to help clients amidst COVID-19

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BNP Paribas Personal Finance recently announced that it would be using Experian’s Open Banking technology and Aryza’s Debtsense digital platform for offering online account reviews to customers affected by the COVID-19 pandemic. The consumer finance specialist will leverage the Open Banking tool for helping customers to create an affordable payment plan based on their financial circumstances.

Stephen Hunt, CEO of BNP Paribas Personal Finance, said, “This collaboration with Experian and Aryza is a great example of companies coming together to innovate using the latest tech so we can help our customers quickly and easily set up a payment arrangement based on their affordability. Through launching this fully automated service to our customers, we believe this will be helpful, convenient and provide reassurance and control for our customers who need support as we emerge from this pandemic.”

Aryza’s Debtsense uses Experian’s Open Banking service for allowing customers to share their account and transaction data, thus giving a detailed picture of affordability, financial circumstances, and commitments in rapid time. These insights will enable BNP Paribas to accurately assess people whose finances have been affected by the pandemic and who may now be vulnerable. They can then be offered a payment break or an affordable payment plan based on their specific circumstances. The app uses the lender’s credit decision policy rules to create a personalised payment plan.

Lisa Fretwell, Managing Director of Data Services at Experian, said, “Debtsense gives users the ability to assess someone’s affordability almost instantly, providing a 360-degree view of their financial circumstances. We’re pleased to be working with BNP Paribas Personal Finance so the tool can support their customers during this challenging time.”