Experian partners Open Banking Reporting for data-driven recovery

Experian has partnered with FinTech Open Banking Reporting to support lenders in providing business services to lenders and SMEs during the post-pandemic recovery.

OBR’s OpenRep solution leverages advanced analytics and robotic automation to connect the SME’s accounting software and banking transactions with commercial credit and macro-economic data to deliver real time monitoring, proactive alerts, and actionable insights to both the lender and the SME.

The tie up will see the OpenRep solution use Experian’s range of business information and macro-economic datasets, to provide a deeper understanding of a business’ financial circumstances.

Experian will also act as a reseller of OpenRep, which further enhances its open data solution Acumen – which the company claims enable lenders to make more accurate and faster lending decisions.

James McGarva, managing director of business information services at Experian, said: “Although lockdown has come to an end, it still remains a critical time for small UK businesses, so having access to the right support to help them on their road to recovery is essential. This is why our partnership with OBR is an important one.

“By providing a far more comprehensive view of an SME’s circumstances, it allows lenders to understand how they can better support their customers and help them thrive and survive in this challenging business environment. We’re excited to be playing a key role in this process.”

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