The Equifax Cloud™ Helping Optimize Buy Now, Pay Later Decision Making in Spain
EQUIFAX CONTINUES TO SUPPORT RESPONSIBLE CREDIT DECISIONING ACROSS THE GLOBE, recently introducing a Buy Now, Pay Later (BNPL) solution in Spain that gives regional BNPL providers the ability to assess the creditworthiness of a consumer that is applying for BNPL financing. The solution, powered by The Equifax Cloud™, is designed for both emerging fintechs as well as established credit providers and banks, providing real-time insights into local consumers’ creditworthiness, helping institutions make more informed credit decisions faster.
“Spain is a highly dynamic market where established fintech companies and traditional banks compete with emerging credit organizations for the same share of the market," said Jon Egaña, General Manager of Equifax Iberia. “Our BNPL Risk Score solution, made possible by the Equifax Cloud, provides a more comprehensive view of each applicant’s risk profile, empowering lenders with real-time insights to make more informed credit decisions faster, and providing a smoother experience for consumers.”
Equifax is consulted on 95% of BNPL financing applications in Spain, with leading financial institutions, credit providers, and BNPL specialists relying on the organization’s predictive data models to make credit decisions. Built on more than 15 years of expertise in developing credit risk models and more than 30 years of experience in credit bureau data, the Equifax BNPL Risk Score helps BNPL providers ensure the profitability of transactions, prevent user over-indebtedness, and offer more attractive financing conditions—without impacting processing times or the consumer experience.
“Equifax Spain is now fully migrated to The Equifax Cloud, a transformation that allows us to seamlessly power solutions like this BNPL Risk Score and deliver these unique, real-time insights,” added Egaña. “We are constantly expanding the depth and accuracy of our data to help our customers innovate faster and create more effective insights into the people and communities they serve.”
The Equifax Cloud is a top-tier global technology and security infrastructure backed by an approximately $3 billion multi-year investment that gives the organization the ability to develop solutions that are faster, more reliable, more powerful and more secure than ever before. It is one of the largest Cloud initiatives ever undertaken in the industry and has changed nearly every facet of the company’s infrastructure.
Equifax will continue to support responsible credit decisioning for the benefit of the businesses and consumers served in the 24 countries around the world where the company operates —one that works for lenders, merchants, and consumers alike.