UK-based credit risk solutions provider Atto has partnered with analytics software company FICO to integrate Open Banking data into UK credit scoring. Atto and FICO are combining their expertise to deliver transaction-based scores that rank-order consumers’ risk by analysing up-to-date consumer-permissioned current account and tradeline transaction data.

The combination of Attos Open Banking technology and FICO’s transaction data analytics can provide UK lenders with predictive models built on Open Banking data for more targeted risk decisioning. Both companies have extensive experience with Open Banking data; FICO has built scoring models using Open Banking data for other markets since 2018. The Atto Open Banking score, developed by FICO, can enable lenders to enhance their risk management strategies and drive greater efficiency in lending processes.

By leveraging up-to-date Open Banking transaction insights, lenders can improve customer acquisition, manage portfolios to greater performance, and mitigate risks to achieve sustainable growth. Officials from Atto said they are happy to join forces with FICO to bring transaction-based predictive models to the forefront of the credit risk industry. Risk managers can leverage these scores informed by Open Banking transactional data, gaining a real-time view of their customers.

Also commenting on this partnership, FICO’s representatives explained this partnership represents a powerful combination of industry-leading expertise and modern technology, which can dramatically improve UK lenders’ ability to serve their customers with the right products and offers. Together, Atto and FICO are committed to equipping lenders with the tools they need to compete and grow their business. .