Opening up new possibilities with Payment Services Directive 2
AdviceRobo offers lenders a brand-new Payment Services Directive 2 (PSD2) API for transactional data categorisation and default prediction.
The PSD2 is the new European law for the payment transactions of consumers and businesses and aims to increase competition in the EU banking market, to stimulate more innovations in payment transactions and to better protect customers. In most EU countries it has become effective, and banks are investigating and exploring the opportunities for improved payment and account information services. FinTech AdviceRobo launches Europe’s first pan-European categorisation and default prediction API CatRobo that helps bank to use transactional data for advanced credit decision making.
Psychographic profiles can be enriched by transactional data resulting in better predicting & shorter PCS.
Personas are created based on clusters we find in the transaction data to enable risk based pricing
We run a machine learning model based on transactional data. Different formats from different banks are not a problem.
Manual checks on eg salary and mortgage / rent are history.
Additional benefit for Dutch banks (delivering in different formats) is that the API automatically translates the different data formats banks work with. For other EU banks AdviceRobo can customize like this to the specific country within a couple of weeks.
Based on the data, different clusters can be distinguished. These clusters have different risk levels. The clusters can be used for risk based pricing or to explain decisions regarding loans.
Diederick van Thiel, AdviceRobo CEO