In an effort to provide a comprehensive Open Banking solution for lenders, Experian, the global leader in data and information services, has partnered with Neonomics. This partnership enables faster, smarter information, decision making and improved access to finance for consumers and lenders, enabling both parties to ensure responsible lending.

A partnership to do what?

In this new business partnership, Neonomics and Experian A/S will provide lenders with reliable and timely credit information by categorizing raw transactional data into predefined income and expense categories.

This is a key step in Experian's Open Data strategy, which will enable lenders to improve their decision-making processes and user experiences to attract new customers, manage their portfolios more efficiently, and gain deep insight into their customers.

For consumers, strengthening the responsible lending approach through open banking will provide a much more efficient process for applying for, approving and receiving credit and loans.

AI at the heart of the strategy

As part of the partnership, Experian brings its machine learning-based categorization engine Trusso as part of its open data strategy, and Neonomics, as an approved third-party provider connected to more than 2,000 banks in Europe, and with nearly 100% full operational coverage in the Nordics, enables pure API-based account-to-account payments and account data.

"We are excited to work closely with Neonomics to enable access to consumer transactional data and affordability calculations faster, more securely and more simply for applicants and lenders. By integrating Neonomics, we are able to respond quickly and efficiently to our customers' needs, resulting in a beneficial outcome for all parties involved across multiple industries."

- Bo Rasmussen, Nordic Chief Customer Officer at Experian

Bo Rasmusen

After an initial launch in Denmark, Experian's Open Banking solution will be extended to the rest of the Nordic countries. Companies offering personal finance, especially those that have relied heavily on a manual process without access to transactional data, will be able to make much faster and more accurate decisions about whether to offer a loan and what type of loan it should be, and still ensure what Experian believes is essential, responsible lending.

"We are proud that Experian has chosen Neonomics to help power its open data initiatives. With better data management and more responsive user experience and insights, we're helping Experian deliver a much stronger value proposition to its customers."

- Christoffer Andvig, CEO of Neonomics

What is Open Banking and PSD2?

Open Banking is the secure way for loan providers to access consumers' financial information. As part of the PSD2 directive across the EU, it enables new ways to provide financial products and services to consumers and improves the accuracy of lender affordability calculations.


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