Equifax is adding consumer-permissioned insights from Mastercard Open Finance to its open banking solutions, giving lenders and fintechs a choice of open finance provider to use alongside the Equifax consumer credit file. Three Mastercard Open Finance products are now available to Equifax customers: Cashflow Analytics, which analyzes up to 24 months of credits, debits, and balances; Payments Risk Insights, a score that helps predict repayment risk and early repayment stress; and Transaction Report, which provides six-plus months of cleansed, categorized bank transaction data. The main objective is to help lenders integrate cash flow data into underwriting and broaden credit access for the 76.1 million thin-file or credit-invisible US consumers, with an emphasis on easy integration into existing decisioning stacks. Key players include Jacob Osborne, Equifax senior vice president and general manager of fintech and payments, who said a single cash flow partner does not fit every institution, and Bart Willaert, executive vice president of Open Finance, Americas, at Mastercard.
Equifax Expands Access to Cash Flow Data Solutions With Mastercard Open Finance
