Experian & Neonomics to streamline access to data and affordability calculations

By Megha Bhattacharya

Neonomics and Experian have teamed up to offer lenders up-to-date credit information by classifying raw transactional data into predefined categories of income and expenditure. The collaboration will boost Experian’s Open Data strategy, thus enabling lenders to improve their decision-making processes and user experiences for effective management of portfolios.

Experian will bring Trusso, their open banking machine-learning categorization engine, and Neonomics, as a licensed third-party provider with close to 100% live fully operational coverage across the Nordics, is enabling pure API based account-to-account payments and account data. Experian will boost the expansion of its Open Banking solution across the Nordics, following the launch in Denmark.

Bo Rasmussen, the Nordic Chief Customer Officer from Experian commented, “We are excited to collaborate closely with Neonomics to enable access to consumer transactional data and affordability calculations, faster, safer and simpler for both applicants and lenders,” adding “by integrating with Neonomics we are able to quickly and efficiently address the needs of our customers, resulting in a beneficial outcome for all parties involved across multiple industries.”

“We are proud that Experian has chosen Neonomics to help power its open data initiatives. With better data management and more responsive user experience and insights, we are helping Experian deliver a much stronger value proposition to their customers.” Christoffer Andvig, the CEO of Neonomics added.

Recently, the UK challenger bank Monzo has extended its partnership with Experian to offer its users access to tools that help increase their credit score for free. Through Open Banking, the bank’s customers will be able to connect their bank accounts to Experian Boost, the UK’s first service to help consumers improve their credit scores using transactional information like total current account incomings and outgoings, as well as regular payments to digital streaming providers, savings accounts, and council tax. Customers of many high street banks can already link their accounts to Experian Boost, and the company is working hard to bring more UK banks on board so that even more people can connect to the service and help improve their credit scores.