Financial institutions

Subaio Chooses Public Banking Company Aiia to Automate Creditworthiness for Financial Institutions

Today, Subaio has chosen European open banking leader Aiia, a Mastercard company, to enable a smarter way to assess creditworthiness with Subaio’s new white label offering.

With access to open banking, the solution will help financial institutions, banks, leasing companies and others automatically assess consumer creditworthiness.

The traditional credit scoring industry has been associated with lengthy manual processes that left room for human error while being a costly and slow affair. The collaboration will facilitate credit assessment by combining Aiia’s financial data access with Subaio’s existing recurring payment detection, creating a white-label solution that will take the headache out of financial institutions.

The growing demand for better credit assessment is reflected in the revised EU Consumer Credit Directive which came into force in 2021. A directive introduced to reduce the number of non-performing loans by ensuring that financial players identify and document clients’ recurring income and expenses before offering a loan.

Commenting on the collaboration, Subaio Commercial Director Soren Nielsen said:
“We know the entire open banking space, and we’ve known for a long time that Aiia has always focused on data depth and quality. To create automation and a product that works for strong credit scoring across industries, we need as strong and in-depth data quality as possible to tag transactions and subsequently categorize them. That’s why we chose Aiia to help us accelerate this exciting next step in the Subaio journey.

Commenting on the collaboration, Aiia SMB & Fintech Director Tanya Slavova says:
“We look forward to supporting Subaio on its journey to creating a smarter credit scoring tool that can be implemented across multiple lending cases ranging from banking to leasing companies and more. . With Aiia, Subaio will be able to offer its customers a simple, cost-effective and data-driven solution for assessing creditworthiness. With our high-quality data in mind, this open banking empowerment will provide borrowers with better loan assessments based on accurate insight into the consumer’s true financial situation. »

Subaio’s new white label solution can be used with any aggregator and has already gained traction with major financial players in Northern Europe due to growing demand for better credit scoring. Subaio began its scaling journey through the Mastercard Start Path program. The product is now in use by multiple institutions with full deployment expected in Q1 2022.