BNP Paribas Personal Finance has collaborated with open banking platform Experian and debt recovery company Aryza to support customers throughout Covid-19.

Through the partnership, BNP Paribas Personal Finance will offer round-the-clock online account reviews to customers who have been affected by the pandemic. In addition, the bank put the solution in place within six weeks in order to meet changing regulatory advice.

Stephen Hunt, BNP Paribas Personal Finance CEO, said: It’s clear that the impacts of the Covid-19 pandemic are having a far-reaching effect on consumers and the wider economy. Throughout this situation our focus has been supporting our customers as most of them have been impacted in one way or another by the coronavirus crisis and subsequent lockdown measures.

“This collaboration with Experian and Aryza is a great example of companies coming together to innovate using the latest tech so we can help our customers quickly and easily set up a payment arrangement based on their affordability. Through launching this fully automated service to our customers, we believe this will be helpful, convenient and provide reassurance and control for our customers who need support as we emerge from this pandemic.”

How it works

Aryza’s Debtsense platform will use Experian’s open banking technology to allow customers to share their account and transaction data, giving a clear picture of affordability, financial circumstances and commitments.

Through these insights, BNP Paribas will assess people whose finances have been impacted by the pandemic and who may now be vulnerable. Following this, the bank will offer a payment break or an affordable payment plan based on the customer’s specific circumstances.

The app uses the lender’s credit decision policy rules to create a personalised payment plan.

Lisa Fretwell, Managing Director of Data Services at Experian, said: “The Covid-19 pandemic is having a significant effect on the economy and people’s household budgets. As we move towards the recovery stage of the crisis, it’s crucial lenders and financial providers have accurate and insightful information about their customers.

“Debtsense gives users the ability to assess someone’s affordability almost instantly, providing a 360-degree view of their financial circumstances.”