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Omnio KESHO, Credit Kudos partner for risk assessments

By Sunniva Kolostyak

November 09, 2020

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Credit Kudos, the challenger credit reference agency, has signed an agreement with Omnio KESHO to deliver real-time data analysis for improved insights and risk management.

KESHO, the credit union arm of Banking-as-a-Service platform Omnio, is planning on using the partnership to provide credit unions with more data and analysis to ensure fair and equitable lending, while delivering on its roadmap to create better products and services to the industry.

Credit Kudos, which is an FCA-authorised challenger credit reference agency and Open Banking Account Information Service Provider (AISP), is providing KESHO with direct connections to the UK’s largest banks via Open Banking. These richer insights will enable Credit Unions to further protect themselves from economic shocks and deliver improved outcomes to their member base.

Lindsay Ward, Executive Director of KESHO Credit Union Sector
Lindsay Ward, Executive Director of KESHO Credit Union Sector

In a statement, Lindsay Ward, Executive Director of KESHO Credit Union Sector, said one of the biggest challenges for its clients is how to mitigate the risk of lending.

“Although no decision will be truly risk-free, we will always strive to give our clients the tools to make the most informed decision possible. Thanks to our partnership with Credit Kudos, our clients now have a suite of data and analytics tools at their disposal to add another layer of confidence to their decisions, reducing exposure, whilst lending in a fair and equitable manner.

“This partnership is another significant measure to maintain Omnio KESHO’s position as the most innovative and influential Credit Union technology business in the UK and Ireland,” Ward said.

Credit Kudos is using Open Banking data to understand a borrower’s financial wellbeing and habits. By aggregating and interpreting a borrower’s transaction data, the FinTech helps lenders, brokers, and financial institutions assess creditworthiness and therefore lend safely and responsibly. Companies can then make credit decisions based on real-time, detailed data and insights.

The solution also transforms complex sets of data into an easy-to-use, comprehensive view of a borrower’s creditworthiness to help institutions responsibly increase loan acceptances and reduce the number of defaults.

Freddy Kelly, Co-Founder and CEO of Credit Kudos, added: “Our mission is to transform the credit reference system to provide fairer credit for all. I’m delighted to see the insights developed with Serve & Protect Credit Union as part of the HM Treasury backed Affordable Credit Challenge delivered at scale to other affordable credit providers.

“We are proud to be working with KESHO to continue to support Credit Unions to assess creditworthiness and help more people access responsible credit, when they need it. This partnership is an important step towards helping those often excluded from financial services have greater financial security in today’s uncertain climate.”

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