This month’s product feature: Risk Score

Risk management can be the key to decreasing avoidable costs and sustaining healthy growth for a business and loan portfolio. One size doesn’t fit all isn’t effective when it comes to a risk management strategy.

Reduce defaults, save on fees

Risk Score leverages machine-learning powered algorithms that are built on data from over one million unique consumer banking reports and layered with loan performance data to extract valuable insights and patterns and provide you with a customer’s Risk Score.

1 Million unique Customers’ bank reports + 7 Billion data Points + loan performance data = Risk Score

These algorithms employ techniques to analyze large volumes of data, identifying trends, correlations, and anomalies to actual loan performance that might not be immediately apparent. The Risk Score is available as an out-of-box solution and can be customized based on your company’s loan performance data used to develop a customized Precision Risk Score.

 

Identifying high-risk customers early is not just a strategic move, but a cost-saving one. You can significantly reduce the likelihood of default fees by preemptively catching and addressing any potential risks that come with these profiles and create operational efficiencies by reducing the time to adjudicate an application.

 

As the saying goes, time is currency, and processing efficiency is a critical factor in this field. Risk Score is made to cut down on processing time, which enables you to make faster, more informed decisions.

Risk Score is accessible both through your portal and via API. For comprehensive instructions on integrating this robust tool into your system, please refer to our documentation page.Benefit from using Risk Score for your operations

• Reduce costs: By preventing potential losses and streamlining processes, Risk Score directly contributes to a more cost-effective operation.
• Fraud mitigation: Protect your business from the financial and reputational damage of fraud with our sophisticated risk mitigation tool.
• Optimize approvals: Improve your approval rates while keeping default risks in check, ensuring a healthy balance between growth and security.
• Cut down underwriting time: Our solution streamlines your processes and ensures compliance, reducing both operational and regulatory costs.

When integrated with other verification tools such as Instant Bank Verification and ID Verification, Risk Score can be a powerful toolset for optimizing underwriting accuracy and reducing the risk of fraud.

To learn more about implementing Risk Score or to discuss your unique needs, schedule a quick chat with our team through our website, or by reaching out to your account manager.

Inverite Payments

The growing interest and demand in open banking and new payment technologies suggests account-to-account payments could soon be the preferred way for people and businesses to pay and get paid.

A2A payments fundamentally involve moving money directly from one account to another without needing middlemen like card networks. This process is supported by banks, payment processors, and fintech companies, ensuring it’s safe and follows the rules.

With Inverite Payments, you can

• Benefit from lower rates and a simplified tech stack that consolidates collections and verification.
• Integrate Instant Bank Verification data with your payment processing to align payments.
• Prevent NSF fees and reduce default rates by using the Instant Bank Verification data to verify funds.
• Email Money Transfers (EMT) and Pre-Authorized Debit EFT options to streamline your process.

We’re currently exploring the integration of account-to-account (A2A) payments to streamline your repayment process. We’d love to hear from you—please take a moment to share a bit about your company and your thoughts on this potential enhancement

Get in touch

Whether you’re encountering specific challenges or just eager to optimize your risk strategies, we’re here to help.