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Product

Open Banking Solutions

Expand access to credit with insights from bank transaction and cash flow data
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Product Overview

Expand lending opportunities to overlooked audiences

With our open banking solutions, lenders can enhance traditional credit lifecycle decisions with access to consumer-permissioned bank data, attributes, and scores. 

This expanded view of a consumer’s cashflow and banking data can help you gain the insight needed to better understand an applicant’s ability to take on new credit and meet debt obligations – even amongst consumers with limited credit history or who are re-building credit.

Refine your lending strategies with bank transaction data

Gain a broader view 

Analyze cash balances, income, expense transactions, and cash outflows

Approve more, open more  

Gain more new customers - including those with limited or no credit history

Support financial inclusion

Help consumers build their credit

Reduce risk

Confidently approve credit building or re-building segments that may not have previously qualified

Speed lending decisions

Enable faster access to funding

Spot risk earlier

Uncover potential accounts at risk of missed payments

Product Sheet

Confidently extend credit to more consumers

Add bank transaction insights to your existing credit and other data so you have more information to make decisions about an applicant’s request for new loans - from auto loans, to personal loans, to credit cards, and more.

  • Increase approvals, without increasing risk

  • Gain lift in predicting delinquent accounts, especially amongst thin file and non-prime accounts

  • Reduce the number of defaults

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Solution

Options to meet your needs

We offer open banking solutions directly, as well as work with partners, to help you choose how best to integrate bank transaction data, scores, and attributes into your current lending processes. 

  • Cashflow Insights: Access 1400+ attributes including cash flow, income, and assets.
  • VantageScore 4ᵖˡᵘˢ: Leverage a real-time adjusted credit score based on attributes that leverage consumer-permissioned bank account information. Easily aligns with VantageScore 4.0.
  • CashScore® by Prism Data: Choose from three scores to better automate cash flow underwriting and assess credit risk using near real-time financial transaction history.   
  • OneScore from Equifax + CashScore from Prism Data: Use the combined power of multiple scores to better assess consumers using their bank account transaction data, AND their history of payments for everyday bills and alternative finance accounts.
Product Sheet

Grow your business with Open Banking Solutions

Traditional credit metrics may not reflect a consumer's current financial situation and ability to take on new financial obligations. By leveraging our Open Banking Solutions, you can more confidently qualify, underwrite, and manage more loans – and provide more consumers access to credit.

Related Resources

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Prism CashScore & Attributes
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Open Banking Solutions
eBook
eBook
5 Reasons To Incorporate Alternative Data Into Your Lending Practices
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3 MB
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Cashflow Insights
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Explore More Data

Discover how our consumer data can help inform your lending strategies - from prospecting to origination to account management.

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Learn more about consumer permissioned data and other alternative data available from Equifax.

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