UK, 7 July 2022: Experian Ireland Limited has been granted an Account Information Service Provider (AISP) registration by the Central Bank of Ireland, a significant milestone which will accelerate Experian’s ability to provide regulated Open Banking services across EU/EEA markets. Through its established Transaction Insights portfolio, Experian already provides a comprehensive set of Open Banking services for credit risk lifecycle management to several clients in Europe; delivering accurate categorisation of both consumer and small-to-medium business (SME) account transactions, and the most advanced set of ID verification, affordability and probability of default models and scores.
Businesses can therefore assess affordability and cash flow more accurately and with greater predictivity. Banks and lenders can broaden access to credit for potential customers with a short credit history or who are new to credit, and are more likely to avoid defaults with improved decisioning accuracy. As part of Transaction Insights, Experian’s advanced insights and configurable alerts also enable businesses to make informed decisions on all aspects of the credit lifecycle – for example, detecting vulnerability signals for consumers and SMEs, and analysing balance trends to determine the best way to support them.
The pandemic has accelerated the digital transformation of businesses and propelled the growth of Open Banking, now expected to become a $43.15 billion market globally by 2026, as the transactional data from bank accounts unlocks a much deeper understanding of consumers’ and businesses’ financial behaviour in real time.
Recent market research from Experian found that “increased decision accuracy from better data” was the top reason for businesses investing in Open Banking. Furthermore, 65% of businesses surveyed across four European markets are actively exploring new data sources to improve the accuracy of their analytics[i], with 38% planning to invest in Open Banking as the solution in the next 12 months[ii].
The addition of the Experian Ireland Limited AISP registration will enable the provision of even more comprehensive services across EU/EEA markets in the very near future.
Malin Holmberg, Chief Executive Officer, EMEA & APAC, Experian, says: “Experian’s mission is to unlock the power of data to create opportunities for people and business, and Open Banking is key to our strategy. Our aim is to be the leader in Open Banking services for credit risk management to better enable fairer access to credit for consumers and small businesses, and help companies lend responsibly by making more accurate decisions.”
Francesco Nazzarri, Managing Director, Commercial Strategy & Investments, EMEA & APAC, Experian, says: “We are delighted that we have now been granted approval to supply regulated AISP Open Banking services by the Central Bank of Ireland – this is another critical step for the success of our strategy, enabling us to further consolidate our Open Banking position in banking and financial services, and to focus on growing in other verticals, such as insurance, telco and BNPL.”
Experian is the world’s leading global information services company. During life’s big moments – from buying a home or a car, to sending a child to college, to growing a business by connecting with new customers – we empower consumers and our clients to manage their data with confidence. We help individuals to take financial control and access financial services, businesses to make smarter decisions and thrive, lenders to lend more responsibly, and organisations to prevent identity fraud and crime.
We have 20,600 people operating across 43 countries and every day we’re investing in new technologies, talented people, and innovation to help all our clients maximise every opportunity. We are listed on the London Stock Exchange (EXPN) and are a constituent of the FTSE 100 Index.
[i] 598 senior decision-makers in financial services and telecommunications firms globally. A commissioned study conducted by Forrester Consulting on behalf of Experian, August 2021
[ii] Experian Open Banking Survey, conducted April and May 2021, 100 business respondents in Europe