Worldline and Algoan Alliance to Bring Credit Assessment Tool

Worldline and Algoan Alliance to Bring Credit Assessment Tool
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Worldline and Algoan come together to jointly build a next-gen credit assessment product that would enable vendors and service companies to make sound credit decisions. Worldline is the pioneer of payment services whereas Algoan provides credit score services, and they are going to use machine learning and APIs as using open banking transaction data.

Michael Steinbach, Managing Director, Financial Services, Worldline, stated, “At Worldline we look for innovative partners who share our vision and enable us to enrich and expand our open banking services. As a leader in payment services and one of the largest Open Banking providers in Europe, we are committed to unlocking the full potential of Open Banking. With Algoan, we will be able to offer our customers an end-to-end, fast and cost-efficient white-label solution to assess credit worthiness”.

PSD2 which offers a protected and user-consent driven framework will allow financial services, enterprises to get a quicker, easier-data-rich credit evaluation approach offering genuine benefits to all users.

This alliance merge Algoan’s machine-learning-based credit scoring expertise and digital banking expertise & pan-European Open Banking reach of Worldline. This combination is going to offer a new Open Banking-based credit-assessment tool. This solution will be helpful in Auto Finance & Leasing, Insurance and Utility Providers, Personal Finance & Consumer Lending, and Retail Lending & BNPL (Buy Now Pay Later). This tool will be key for financial institutions that lend money and their consumers who borrow from them.

Michael Diguet, CEO, Algoan commented, “Open Banking credit scoring is experiencing momentum that big players should embrace. We are delighted to collaborate with a global leader like Worldline and to power them with our best-in-class global credit scoring API. This new collaboration marks a further milestone in Algoan’s international growth. We look forward to jointly revolutionising the credit industry by exploiting Worldline’s Open Banking capabilities.

 Read: Ozone API Brings Compliance-Free Open Banking

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