Worldline , a global provider of payment services, has announced a partnership with RiskQuest , a Netherlands-based risk consultancy firm and part of the Zanders Group . This collaboration aims to tailor Worldline's credit assessment processes to the demands of the Dutch market through an Open Banking-based credit analysis tool.

The partnership will focus on elevating Worldline’s Credit Insight solution by integrating RiskQuest's in-depth knowledge of the Dutch financial landscape. This will address credit analysis needs across consumer, private, and SME lending as well as leasing sectors. This alliance marks a significant step in leveraging both Worldline’s global reach in payment services and RiskQuest’s expertise in the Dutch financial sector.

The updated Credit Insight solution will offer a unified API, allowing clients to connect with over 3,500 banks across 20 European countries. This integration promises to improve the banking connections and formats, thereby offering an operational advantage. The Credit Insight tool will provide instant insights into customers' financial positions, affordability, and risk levels by directly utilising bank data.

This approach not only minimises the risk of fraud but also aids financial institutions in adapting to the rapidly evolving banking landscape, influenced by factors like high inflation, rising interest rates, and the increasing competition from fintech companies. The Dutch financial market One of the distinguishing features of the Dutch financial market is its high level of digital penetration. The Netherlands boasts one of the highest rates of digital banking in Europe, with 89% of the population using online banking services regularly.

This digital-first approach is reflected in the country's progressive adoption of fintech solutions, ranging from mobile payments to automated investment tools. Moreover, regulatory factors play a pivotal role in shaping the opportunities and challenges in the Dutch financial market, especially concerning technological innovations. The implementation of the European Union’s PSD2 directive, which the Netherlands has adopted, mandates banks to open up access to their customer data to third-party providers.

This regulation is a boon for innovation, allowing fintech companies to develop new services that can integrate with traditional banking platforms. .