For credit risk modeling, FICO Partners and Atto Partner collaborate.

With great pleasure, Atto, a pioneer in transactional data-based credit risk solutions, announces a strategic alliance with FICO, a leader in global analytics software, for the UK market.

Madilyn Swift

April 11, 2024

1Min Read

788

Banking

Through this collaboration, UK lenders will be able to quickly incorporate Open Banking information into the credit scoring system.

By analyzing current consumer-permitted current account and tradeline transaction data, Atto and FICO are combining their expertise to create transaction-based scores that rank-order consumers' risk. By combining Attos Open Banking technology with FICO's extensive history in transaction data analytics, lenders can benefit from predictive models based on Open Banking data that enable more focused risk assessment. Both businesses have vast expertise with Open Banking data; since 2018, FICO has used Open Banking data to create score models for other markets.

Clare McCaffery, CCO of Atto, stated, "We are thrilled to collaborate with FICO to advance transaction-based predictive models in the credit risk space." Risk managers have access to up-to-date customer insights by utilizing these scores, which are derived from Open Banking transactional data. We're excited to work with FICO to advance the field of credit risk."

The FICO-developed Atto Open Banking score can help lenders improve the effectiveness of their risk management plans and streamline the loan application process. Lenders may enhance client acquisition, manage portfolios to higher performance, and limit risks to achieve sustainable development by utilizing the most recent Open Banking transaction analytics.

Alexandre Graff, worldwide head of FICO's worldwide Partners & Alliances, stated, "This partnership represents a powerful combination of industry-leading expertise and cutting-edge technology, which can dramatically improve UK lenders’ ability to serve their customers with the right products and offers." "Atto and FICO are dedicated to providing lenders with the resources they require to thrive in the market and expand their operations."