FICO and Atto partner on Open Banking integration for UK lenders

By Gloria Methri

Atto, a provider of credit risk solutions using transactional data, has partnered with FICO, a global analytics software specialist, for the UK market. This partnership will enable UK lenders to integrate Open Banking data into the credit scoring process easily.

Atto and FICO are combining their expertise to deliver transaction-based scores that rank-order consumers’ risk by analysing up-to-date current account and tradeline transaction data.

The combination of Atto’s Open Banking technology and FICO’s expertise in transaction data analytics can provide lenders with predictive models built on Open Banking data for more targeted risk decisioning. Both companies have extensive experience with Open Banking data; FICO has built scoring models using Open Banking data for other markets since 2018.

“We are excited to join forces with FICO to bring transaction-based predictive models to the forefront of the credit risk industry,” said Clare McCaffery, CCO at Atto. “Risk managers can leverage these scores informed by Open Banking transactional data, giving them a to-the-second view of their customers.  We are delighted to be pushing the world of credit risk forward alongside FICO.”

The Atto Open Banking score, developed by FICO, can enable lenders to enhance their risk management strategies and drive greater efficiency in lending processes. By leveraging up-to-date Open Banking transaction insights, lenders can improve customer acquisition, manage portfolios to greater performance, and mitigate risks to achieve sustainable growth.

“This partnership represents a powerful combination of industry-leading expertise and cutting-edge technology, which can dramatically improve UK lenders’ ability to serve their customers with the right products and offers,” said Alexandre Graff, global head of Global Partners & Alliances at FICO. “Together, Atto and FICO are committed to empowering lenders with the tools they need to compete and grow their business.”