FICO and Israel’s Open-Finance.ai Partner to Transform Decision-Making Speed and Precision in Credit and Insurance
Open Banking and real-time credit assessment used to improve efficiency and expand vital financial services to more people responsibly
LONDON and TEL AVIV – July 20, 2022
Highlights:
- FICO and Israel’s Open- Finance.ai enter partnership agreement
- Open- Finance.ai aims to assist financial institutions and Fintechs in transforming decision-making for credit grantors, insurers and other firms to drive speed and efficiency through an unparalleled customer experience
- Open- Finance.ai will leverage open banking data to improve the originations processes
Global analytics software provider FICO announced today a partnership agreement with Israel’s Open-Finance.ai, a risk, finance and compliance software enabler of open banking and finance services and consulting firm headquartered in Tel Aviv. Through this agreement, Open-Finance.ai will integrate the FICO® Blaze Advisor® decision rules management system into its open banking platform. This fully automated, instant lending experience will allow lenders to move away from manual and time-consuming credit assessment methods and embrace real-time, analytically driven appraisals.
For more information: https://www.fico.com/en/products/fico-blaze-advisor-decision-rules-management-system
With the advent of open banking data in Israel, this integrated technology from FICO and Open-Finance.ai will help remove human bias from lending decisions, improve risk decisions and expand credit to more people.
“Israel is on the cusp of major banking reform with the introduction of open banking,” said Mark Farmer, vice president of Partner Management for FICO in Europe, the Middle East and Africa. “Automating decisions allows lenders to increase the efficiency of the lending process without sacrificing risk management regulatory rigour. This will speed up lending, increase customer satisfaction, reduce operational costs and drive economic activity.”
“Israel’s new open banking measures are an exciting opportunity to promote innovation and effective competition in the market,” said Itzik Gini, co-founder at Open-Finance.ai.
“Manual processes, a conservative approach and significant regulation have been a drag on growth of the Israeli market,” said Shay Basson, co-Founder at Open-Finance.ai. Now, we have an ability to manage risk instantly, based on multiple data sources to provide an instant, yet risk-aware decision to credit and insurance consumers. To unlock this potential, we knew we wanted to work with FICO due to its global leadership position in decision management technology.”
As FICO’s flagship rules authoring solution and the world’s leading decision rules management system, FICO® Blaze Advisor® enables organizations to maximize control over high-volume operational decisions. Blaze Advisor provides businesses, across multiple industries, with a scalable solution that delivers unprecedented agility and actionability for smarter, transparent, and more consistent business decisions. Blaze Advisor empowers business users with multiple methods for rule authoring, testing, deployment, and management.
About Open-Finance.ai
Open-Finance.ai supplies a full platform of financial technology tools for small start-ups up to the largest financial institutions (banks, insurers, Fintechs). We develop easy-to-use yet rich APIs and SDKs in order for you to get the most of your customer’s financial data (on the cloud).
Learn more at www.Open-Finance.ai
About FICO
FICO (NYSE: FICO) powers decisions that help people and businesses around the world prosper. Founded in 1956, the company is a pioneer in the use of predictive analytics and data science to improve operational decisions. FICO holds more than 200 US and foreign patents on technologies that increase profitability, customer satisfaction and growth for businesses in financial services, manufacturing, telecommunications, health care, retail and many other industries. Using FICO solutions, businesses in more than 120 countries do everything from protecting 2.6 billion payment cards from fraud, to helping people get credit, to ensuring that millions of airplanes and rental cars are in the right place at the right time.
Learn more at www.fico.com.
FICO and Blaze Advisor are registered trademarks of Fair Isaac Corporation in the US and other countries.
Press contacts - FICO
FICO UK PR Team
Wendy Harrison/Parm Heer/Matthew Enderby
ficoteam@harrisonsadler.com
+44 (0)208 977 9132
Press contact – Open-Finance.ai
Shalom Zelovitch
shalom@open-finance.ai
+972 52 4217775