PayLaterr integrates Experian’s fraud prevention, alternative data solutions

US-based flexible bill payment platform PayLaterr will integrate Experian’s fraud detection tools and alternative credit data solutions into its identity verification and decision-making processes, as part of a new strategic partnership.

The collaboration aims to improve PayLaterr’s fraud prevention capabilities and expand its use of alternative data to enable consumers to make more informed and inclusive budgeting decisions.

Using Experian’s identity and behavioural analytics, PayLaterr will be able to detect and prevent fraudulent activity in real time.

The partnership will also enable PayLaterr to use non-traditional data points, such as utility payments, rental history, and subscription “behaviour” to understand the financial “habits” of users who may lack a traditional credit file.

Consumers will also benefit from expanded access to “smarter” budgeting tools.

PayLaterr’s integration with Experian is already underway and will roll out to all its users by Autumn this year.

Akeem Egbeyemi, chief executive officer of PayLaterr, said: “Partnering with Experian gives us the tools to protect our platform from fraud and empower a broader customer base with smarter, more inclusive budgeting insights. This is a major step forward in our goal to help people take control of their financial lives.”

PayLaterr helps its users pay essential bills, including rent, car payments and utilities, through flexible instalment plans, and works to expand financial access to credit-invisible populations.

“We’re excited to support PayLaterr’s commitment to financial inclusion,” added Shelleyanne Rein, vice president of partnerships at Experian.

“By combining our fraud prevention and alternative data capabilities, we’re enabling safer transactions and helping more consumers manage their money with confidence.”

Further reading: Experian and Plaid partner to enhance credit access with real-time cashflow insights