BNP Paribas Personal Finance will use Experian’s Open Banking technology and Aryza’s Debtsense digital platform to provide round-the-clock online account reviews to customers who have been affected by the Covid-19 pandemic.
Consumer finance specialist BNP Paribas Personal Finance has moved quickly with its partners to put the solution in place inside six weeks so that it can meet changing regulatory advice. Debtsense from Aryza uses Experian’s Open Banking service to allow people to share their account and transaction data, giving a clear and detailed picture of affordability, financial circumstances and commitments in rapid time.
The insights will enable BNP Paribas Personal Finance to accurately assess people whose finances have been affected by the pandemic and who may now be vulnerable. They can then be offered a payment break or an affordable payment plan based on their specific circumstances. The app uses the lender’s credit decision policy rules to create a personalised payment plan.
More than 200 organisations are currently using Experian’s Open Banking service, many to help resolve financial hardship as a result of Covid-19 pandemic. Charities including Citizens Advice Liverpool and Mental Health & Money Advice are using the service to support clients through the pandemic, tailoring advice based on the individual’s situation.
Experian has been at the forefront and a leading innovator in the development of Open Banking technology. Its Open Data platform underpins more than 52 million API requests a month.
BNP Paribas Personal Finance will be using the Debtsense app via credit and debt recovery software specialist Aryza. The platform will help to support those in arrears as customers can set up affordable repayment plans and make payments in real-time using a mobile phone.
Source: Experian Press Release