Experian and Open Banking (OBR) Reporting Collaborate on Commercial Lending

Experian and Open Banking Reporting collaboration to help commercial lenders support businesses in post-lockdown recovery

Experian UK has partnered with Open Banking Reporting (OBR), a data-driven risk management fintech, to enable UK lenders to provide crucial business support as they look to bounce back from the impact of COVID-19.

OBR’s solution OpenRep uses advanced analytics and robotic automation, connecting the SME’s accounting software and banking transactions with commercial credit and macro-economic data to deliver real time monitoring, proactive alerts, and actionable insights to both the lender and the SME. OpenRep allows lenders to provide a highly personalised approach to risk assessments through the monitoring of financial trends within a business’ performance; identifying opportunities to support the SME and the insight to act when access to finance is needed most.

The OpenRep solution is powered by Experian’s full range of business information and macro-economic datasets, which provides a far deeper understanding of a businesses financial circumstances.

Eddie Curran, CEO of Open Banking Reporting, said: “We are very proud of our flagship product OpenRep and the positive impact it has for both SMEs and lenders.

“By linking real time financial data with advanced analytics and robotic automation we have developed an early-warning system that can help SME owners and lenders identify risks and opportunities. As we continue in a period of economic uncertainty, it is even more important that SMEs and lenders access not just the most up-to-date data, but the tools and technology that turn it into actionable insight.

“OpenRep helps business owners achieve their strategic goals and allows lenders to provide a more proactive and personalised service.”

James McGarva, Managing Director of Business Information Services at Experian, said: “Although lockdown has come to an end, it still remains a critical time for small UK businesses, so having access to the right support to help them on their road to recovery is essential. This is why our partnership with OBR is an important one.

“By providing a far more comprehensive view of an SME’s circumstances, it allows lenders to understand how they can better support their customers and help them thrive and survive in this challenging business environment. We’re excited to be playing a key role in this process.”

Experian will also act as a reseller of OpenRep, which further enhances its open data solution Acumen – a set of capabilities enabling lenders to make more accurate and faster lending decisions.

About OBR: Open Banking Reporting is an early stage data analytics company that exploits the opportunity created by Open Banking and other financial and economic data sources. OpenRep provides actionable insight into the performance, risk, viability and growth opportunities of SME businesses. Data is aggregated from a range of established and emerging data sources to automate workflow, identify trends and patterns and inform users of a range of risks and provide explanations and intervention strategies. The core of the proposition is relevant across industries – such as Investment Groups, Business Angels, Insurance, SMEs and Accounting Platforms – although our main focus is on the lending market to SMEs across both Bank and non-Bank Lenders.