Equifax expands access to cash flow data solutions with Mastercard Open Finance

Source: PR Newswire / Equifax

Equifax is expanding its Open Banking solutions with the addition of consumer-permissioned insights enabled via Mastercard Open Finance, giving lenders and fintechs more choice in the Open Finance provider they use alongside the Equifax consumer credit file. Mastercard Open Finance’s Cashflow Analytics, Payment Risk Insights and Transaction Report are now available to Equifax customers.

Building on a longstanding commitment to expanding financial access, the full suite of Equifax Open Banking Solutions utilizes consumer-permissioned cash flow insights to integrate bank transaction data, attributes, or scores into lending and portfolio management strategies. This enhanced visibility helps consumers create a more robust personal financial profile and enables financial institutions to responsibly broaden credit access and streamline approvals for the 76.1 million thin-file or credit invisible US consumers.

These expanded solutions convert complex bank transaction streams into actionable, real-time credit intelligence designed for seamless integration into existing underwriting stacks:

• Cashflow Analytics analyzes up to 24 months of credits, debits, and balances to produce cash flow attributes lenders can use in underwriting.
• Payments Risk Insights delivers a score that helps lenders predict repayment risk and spot early signs of repayment stress.
• Transaction Report provides six+ months of cleansed, categorized, and enhanced bank transaction data, giving lenders more flexibility to utilize cash flow in their underwriting and decisioning models.

“Financial institutions have diverse operational needs, meaning a single cash flow partner does not necessarily fit each organization’s needs. Our goal is to give our customers the flexibility to choose the Open Finance provider that works for them and provide that data alongside Equifax credit and alternative data to make confident decisions that can open up new opportunities for consumers,” said Jacob Osborne, senior vice president and general manager, fintech and payments at Equifax.

Each organization’s requirements for cash flow data can vary across product types from personal loans to credit cards to commercial credit lines, because each carries its own repayment structure, risk profile, and decisioning needs. Equifax gives lenders a choice of solution and Open Finance provider to best fit its specific consumers, systems, and strategy.

This open approach is designed to eliminate integration friction, speed up deployment, and help lenders make confident decisions across every product line.

“As lenders and fintechs look to gain a more complete view of financial health, access to trusted, consumer-permissioned cash flow insights becomes increasingly important,” said Bart Willaert, executive vice president, Open Finance, Americas, Mastercard.

“Our collaboration with Equifax will help organizations make faster, more confident decisions while unlocking new opportunities to expand access to credit.”

Further reading: NatWest customers gain access to Equifax UK’s ‘Verification Exchange’ solution