American financial identity provider Juvo has introduced a new ‘Financial Identity-as-a-Service (FiDaaS)’ platform to give 3.9 billion underbanked people access to financial services.

Using alternative data sources and incremental data provided by direct-to-consumer lending platform, FiDaaS creates financial identities for people who do not have any formal credit history.

It will enable these underbanked people to qualify for financial services from financial institutions and merchants.

Currently, FiDaaS platform updates 5.6 billion data points every day for 200 million users on four continents, claims Juvo.

To consume and structure both real-time and batch data of underbanked people, Juvo uses global cloud infrastructure and technologies including Lambda architecture.

Using these data points, institutions can fill the information vacuum that prevents them from trusting creditworthy consumers, due to insufficient data.

Ultimately, the solution also helps mobile operators and financial institutions to maximise existing cash flows and reduce risks related to underbanked people.

Juvo founder and CEO Steve Polsky said: “FiDaaS is designed to underpin a new global credit infrastructure to include those that have been financially excluded but use a mobile phone.

“In tandem with our operator, bank and retail partners, we are determined to solve the credit conundrum and set a path to financial health.”