Schufa Holding AG, the leading German Credit Bureau, has announced the acquisition of a majority interest in finAPI GmbH. This investment in finAPI is a clear signal of the strategic direction of Schufa to become a leading solutions provider in the field of credibility, identity and fraud prevention for corporations and private clients.
finAPI GmbH develops and implements sophisticated solutions for data integration and analysis, based on artificial intelligence technologies, which are provided to customers via online access (cloud service) or run in-house. The finAPI-REST-API platform provides secure access to currently 58 million retail accounts and is used by major international institutions and companies. The collaboration with a certified high-performance data center and reliable support services ensure a safe and high-performance operation. From today’s point of view, the requirements for the secured XS2A (Access to Account) can be fulfilled according to PSD2.
Authentication and identification has become of paramount importance in fraud prevention. A primary reason as to why Schufa and finAPI have been co-operating for some time in the development of XS2A-based solutions to provide secure and easy identification of consumers in online transactions. This process enables consumers to be verified in transactions with online businesses or banks through secure and successful Login into respective bank accounts. This Module provides simple insertion of a transaction into the onboarding and ordering process, providing companies and consumers the ability to prevent fraud caused by falsified or misused identities.
Markets, regulations and technology can change opening new opportunities. In order to pursue such opportunities, Schufa has been steadfast in investing internally in research and development managed by its innovation lab, entering into strategic co-operations, plus selective suitable investments in Fintechs and StartUps. Since 2017 Schufa is an investor in the German High-Tech Gründerfonds III, which provides startups with a helping hand in their quest of developing new businesses in software, Internet, automation and life sciences.
Source: German Press Coverage and Schufa Press Release
Schufa is a member of BIIA