Subaio chooses Aiia to automate creditworthiness assessment

Subaio chooses Aiia to automate creditworthiness assessment

subaio aiia partnership creditworthiness assessment

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Søren Nielsen

Søren Nielsen

is the Chief Commercial Officer at Subaio. He is a former editor-in-chief, an experienced fintech entrepreneur, and an author. Follow him on LinkedIn.

Today, Subaio chose European open banking leader, Aiia, a Mastercard company, to enable a smarter way for assessing creditworthiness through Subaio’s new whitelabel offering. With access to open banking, the solution will help financial institutions, banks, leasing companies and more assess consumers’ creditworthiness automatically.

The traditional credit scoring industry has been associated with long, manual processes that
have left room for human mistakes as well as being a costly and slow affair. The collaboration
will smoothen up creditworthiness assessment by combining the access to financial data
from Aiia with Subaio’s existing recurring payments detection, building a whitelabel solution
that will remove the headache for financial institutions.

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

Download Whitepaper on New EU Creditworthiness Rules

Learn what the new EU regulation means for lenders’ creditworthiness assessment process and what it means by documenting income and expenses.
NEW!

Commenting on the collaboration, Subaio’s Chief Commercial Officer, Soren Nielsen, says:

“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 solid credit scoring across industries, we need as solid and deep quality of data as
possible to label the transactions and categorise them afterwards. That’s why we chose Aiia
to help us bring this next exciting step in the Subaio journey up to speed.”

Commenting on the collaboration, SMB & Fintech Director of Aiia, Tanya Slavova says: 

We’re 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”

Subaio’s new whitelabel solution can be used with any aggregator and has already gained
traction with big financial players in Northern Europe due to the increasing demand of better
creditworthiness assessment. Subaio began its scaling journey through the Mastercard Start
Path program. The product is now being used by multiple institutions with a full roll out
expected in the first quarter of 2022.

For more information or interview inquiries please contact:
Rune Krogh Kallehauge, Head of PR, Aiia: rk@aiia.eu, +4525727014
Soren Nielsen, Chief Commercial Officer, soren@subaio.com, +4522994891

About Subaio:

Subaio equips financial institutions with industry-leading recurring payment solutions like
subscription management, personalised selling and documenting creditworthiness. The
Danish-based company is Europe’s leading provider of recurring payment data with an
accuracy of 98,7% via a data model that analyses more than 1,5 Billion transactions every
day.
Subaio was founded in 2016 and has since grown to more than 50 employees with numerous
financial customers like Nordea, Lunar and ABN AMRO.

Learn more: 

About Aiia, a Mastercard company:
With more than a decade of experience, Aiia is the most experienced open banking platform
in Europe, servicing hundreds of live clients with open banking services.

Based in Copenhagen, the company’s mission has always been to empower people to bring
their financial data into play safely and transparently. Aiia’s platform allows businesses and
financial institutions to integrate financial data and to offer account-to-account payments
directly in their services to the estimated reach of 337 million European citizens.

Today, Aiia has more than 2,900 connected banks across Europe, it processes more than 10
million bank logins and more than a million account-to-account payments every month for
large banks and e-commerce payment gateways.

The leading open banking platform was recently acquired by Mastercard and it provides
open banking services to a long list of financial institutions, fintechs and payment solution
providers including Lunar, Danske Bank, Santander, OP Financial Group, DNB, Pleo and more.

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