Danish software company Subaio has selected Aiia, a Mastercard company, to enable credit assessment through its white-label offering.
Subaio’s offering will leverage Aiia’s open banking technology to allow banks, financial institutions, leasing companies among others to assess customers’ credit profiles.
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The tie-up is aimed at streamlining the credit assessment process using the data provided by Aiia and Subaio’s existing recurring payments detection.
Aiia SMB & fintech director Tanya Slavova said: “We are looking forward to supporting Subaio on their journey to build a smarter creditworthiness assessment tool that can be implemented in multiple lending cases ranging from banking to leasing companies and more.
“With Aiia, Subaio will be able to offer their customers a hassle-free, cost-efficient and data-driven solution to assess creditworthiness.
“With our high-quality data in mind, this open banking empowerment will grant borrowers better loan assessments based on the accurate overview of the consumer’s actual financial situation.”
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By GlobalDataThe partnership follows European Union’s new Consumer Credit Directive that was implemented in 2021.
The revised directive seeks to reduce the number of non-performing loans by making sure lenders thoroughly assess the credit position of customers before offering a loan.
Subaio chief commercial officer Soren Nielsen says: “We know the entire open banking space, and we have known for a long time that Aiia has always focused on data depth and quality.
“To create automation and a product that works for solid credit scoring across industries, we need as solid and deep quality of data as possible to label the transactions and categorise them afterwards.”
