Open Banking Solutions at Creditinfo
In 2020 Creditinfo Group decided to be part of the Open Banking initiative by starting to investigate the options of using customers’ bank account statements in their offering. The account information service is based on the PSD2 directive. For known reasons, it is not possible and acceptable to have access to customer bank account data without consent.
Creditinfo have tackled the opportunity in two different ways. In the Baltics and Iceland, the chosen route was to apply for an FSA licence to offer end-to-end customer account statements transfer from their home bank to a third party, from whom the customer applies for credit , e.g. car loan. In the Czech Republic and Slovakia namely due to the long and cost-intensive process of “passporting” CI’s Estonian license, the chosen route was collaboration with a local technical partner called Sokordia Tech.
A little bit more about above-mentioned two ways to offer Open Banking solutions in Creditinfo Group.
In 2021 Spring, Creditinfo Estonia received permission from the Financial Supervision Authority to start offering account information services in Estonia, which later in Autumn expanded to the markets of Latvia and Lithuania. Today, Creditinfo has been offering the account information service in the Baltic market for almost three years. Creditinfo have real-time access to the transaction data of customers of banks and financial institutions using a secure data transmission channel and customer consent.
In Spring 2024, Creditinfo Estonia finalised the Iceland licence application process from Estonian FSA and can officially offer account information service in Iceland.
Beside regulative and compliance part, Creditinfo also has full technical integration and capability in developing categorization when offering account informatoin service. With opportunity to access customers bank account data, the aim is to offer more transparent credit risk evaluation to customers and third parties, who find high value from the knowledge of their customers account information to make data-driven, intelligent credit and business decisions.
As mentioned above, Creditinfo also have Open Banking cooperation and partnership in the Czech Republic and Slovakia with fintech company Sokordia Tech, teaming up to capitalize on Creditinfo’s market position whilst leveraging Sokordia Tech’s AISP and PISP licenses and Open Banking services platform to provide PSD2/Open Banking services to several financial services clients in the market.
In the Czech Republic and Slovakia market, Creditinfo currently has 5 customers utilizing the Open Banking platform, processing more than 1.2 million open banking transactions per month. Depending on the specific requirements, pain points, and use case of the Client, Creditinfo has developed a “Categorization In-a-Box” , Multi-Service platform called Transaction Analysis Service replete with 40,000 pre-installed business rules that can sit atop and work with any Open Banking Open APIs in any country. The service is comprised of 6 unique methods/services (AIS+CIS+PIS) & PDF tools via one API as detailed below:
- PSD2parser: extracting raw data from PSD2 bank statements
- PSD2tags: tag each bank transaction with one to N identifying tags
- PDFparser: Extracting raw data from PDF bank statements
- PDFtags: Tag each bank transaction with one to N identification tags
- 1UnitPay: Verification PSD2 payment (the advantage is that the payment is made in one step with statement extraction)
- Bank Account Views: Repeated viewing of bank accounts without the need for customer re-authentication
Together with our partner Sokordia Tech, we currently have Open Banking APIs and are able to provide all these services under one single API for the following countries: Czech Republic, Slovakia, Hungary, Romania, and Poland.
Development work on the 3rd generation of the Transaction Analysis Service is currently in development, highlighted by:
- Deeper AI involvement in processes & rules & analysis
- Expansion of new online data inputs into transactional analytics
- Multi-language analytical tools
- GUI for clients to manage and report transactional analytics themselves
For more information, please visit: www.creditinfo.com
Authors:
Seth Marks – Regional Director Central, Eastern & Southern Europe, Creditinfo Group
Ivo Vallau – Open Banking Product Manager, Creditinfo Group
Creditinfo Group becomes sole owner of International Bureau of Credit Histories in Ukraine
Creditinfo is investing in IBCH to improve its credit information sharing system
KYIV, UKRAINE, May 24, 2021 – Creditinfo Group, the leading global credit information and fintech services provider, today announces that it has become the sole owner of Ukraine’s International Bureau of Credit Histories (IBCH). Creditinfo aims to improve access to financial services for Ukrainians and support financial institutions with a full suite of best-in-class credit risk management tools.
Established in 2006, IBCH is one of three main credit bureaus in Ukraine. It offers a portfolio of products and solutions for credit risk management, expanding business opportunities, preventing fraud risks and NPL management improvement. Also, IBCH gives access to credit histories for individuals and legal entities.
“This investment shows Creditinfo’s renewed commitment to both the IBCH and Ukrainian financial market overall,” commented Seth Marks, Managing Director, Creditinfo Central & Eastern Europe. “We have been a partner of IBCH since launching in Ukraine. We have also established our credentials in more than 30 countries, also in the region, opening bureaus in Georgia, Kazakhstan, Kyrgyzstan and the Baltics. We hope that this new investment and our wealth of international experience will help us further entrench IBCH and the Creditinfo brand in the Ukrainian financial services space as we partner with lenders to drive financial access through the use of best practices in credit risk management and data protection. Ukraine is an ever-evolving and developing market with considerable growth potential. We are eager to play a role in aiding this growth.”
Kateryna Danylchencko, IBCH General Manager, added, “this is a new important step forward for IBCH. Our team is energised by the opportunity to be a part of Creditinfo, and we hope to utilise the company’s expertise to assist us in the introduction of new products and services.”
About Creditinfo
Established in 1997 and headquartered in Reykjavík, Iceland, Creditinfo is a provider of credit information and risk management solutions worldwide. As one of the fastest-growing companies in its field, Creditinfo facilitates access to finance, through intelligent information, software and analytics solutions.
With more than over 30 credit bureaus running today, Creditinfo has the most considerable global presence in the field of credit risk management, with a significantly greater footprint than competitors. For decades it has provided business information, risk management and credit bureau solutions to some of the largest, lenders, governments and central banks globally to increase financial inclusion and generate economic growth by allowing credit access for SMEs and individuals.
For more information, please visit www.creditinfo.com
Media Contacts:
Caterina Ponsicchi
Group Marketing Director
Creditinfo Group enters collaboration with Společnost pro Informační Databáze (SID) in Czech Republic
Czech Republic, Prague, April 22nd 2021- Creditinfo Group, the leading global credit information and decision analytics provider, and Společnost pro informační databáze (SID), service provider of SOLUS Credit bureau, have agreed to partner in the areas of data transformation, decisioning engines, data analytics and scorecards development. The agreed partnership enables SID to use the global credit risk management expertise of Creditinfo Group as well as its solutions and analytical capabilities to better service members of SOLUS Credit bureau, one of the two largest credit bureaus in the Czech market.
“We are proud to have been chosen by SID as it’s partner for members of the SOLUS credit bureau and are looking forward to leverage our global experience as well as presence of our group IT development, global data analytics, and consultancy centre in Prague for Czech banks and financial services players, members of the SOLUS credit bureau” says Seth Marks, Regional Director of Creditinfo Group.
“With Creditinfo Group we materially strengthen our portfolio of software, decisioning and analytical solutions available for both SOLUS members and for the wider Czech financial sector. Connecting its global experience with our strong local presence in the Czech market enables our existing and new customers to further increase efficiency and including improved credit risk decisioning speed, says Ján Hurný, CEO of SID.
– Ends-
About Creditinfo
Established in 1997 and headquartered in London, UK, Creditinfo is a provider of credit information and risk management solutions worldwide. As one of the fastest-growing companies in its field, Creditinfo facilitates access to finance, through intelligent information, software and decision analytics solutions.
With more than 30 credit bureaus running today, Creditinfo has the most considerable global presence in this field of credit risk management, with a significantly greater footprint than competitors. For decades it has provided business information, risk management and credit bureau solutions to some of the largest, lenders, governments and central banks globally to increase financial inclusion and generate economic growth by allowing credit access for SMEs and individuals.
For more information, please visit www.creditinfo.com
About SID
SID is an exclusive service partner and facilitator of SOLUS credit bureau, one of the two largest credit bureaus in the Czech Republic with more than 50 members from banks and financial services. SID enables efficient data exchange among bureau members thus strengthening their insights and decisioning capabilities. More information are available on www.sid.cz and www.solus.cz
Creditinfo IBCH (Ukraine) welcomes Kateryna Danylchenko as new GM
Kateryna has been appointed as GM of IBCH, a Credit Bureau and Analytics company in Ukraine in which Creditinfo has been a strategic investor since 2006.
