Nova Credit, the credit infrastructure and analytics company, and Akoya, the 100% API-connected data access network, announced a partnership to help lenders deploy cash flow and income analytics to improve credit decisioning.
“As the industry embraces open banking, we look forward to deepening our relationship with Akoya to deliver the industry’s leading cash flow solution–boosting coverage, improving uptime, and meeting the banks’ analytics and compliance needs.”
Through the partnership, Akoya’s industry-leading bank data connectivity can be used to access and verify customers’ cash flow and income data. With increased access to trusted data and insights, lenders will be able to more effectively approve new customers, offer new products, and create greater consumer loyalty, all without increasing their risk appetite. By combining Nova Credit’s analytics and consumer reporting agency (“CRA”) expertise with Akoya’s API-only and privacy-centric data, the two organizations now offer a transparent, secure, and scalable solution to meet the needs of leading banks and fintechs.
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“Combining Akoya’s connectivity with Nova Credit’s expertise in cash flow analytics empowers credit decision-makers to better understand their customers, driving responsible growth, financial inclusion, and improved risk management at a time when traditional credit bureau data is murkier than ever,” said Misha Esipov, Co-founder and CEO of Nova Credit. “As the industry embraces open banking, we look forward to deepening our relationship with Akoya to deliver the industry’s leading cash flow solution–boosting coverage, improving uptime, and meeting the banks’ analytics and compliance needs.”
“Akoya continues to simplify and secure data access in the open banking era, and our partnership with Nova Credit is a perfect example of the value that can result for both lenders and consumers when people have greater access to, and control over, their financial data. Together, we can provide an open banking-powered solution that delivers cash flow and credit risk analytics atop our high-fidelity data network, enabling a seamless user experience and financial opportunities to more people,” said Paul LaRusso, CEO of Akoya.
As financial institutions look for a new source of truth to complement the gaps in traditional credit reporting, the combination of Akoya and Nova Credit’s cash flow analytics can create opportunities for millions of misunderstood credit populations and help lenders paint a more accurate picture of an individual’s financial situation. This partnership advances Nova Credit’s mission to power a more fair and inclusive financial system for the world, as well as Akoya’s mission to help consumers more efficiently manage their finances by giving them increased choice, control, and convenience in sharing their financial data.
Cash flow underwriting analytics leveraging Akoya’s data network is active now and available for deployment across large or small institutions and/or workflows.
Nova Credit is a credit infrastructure and analytics company that enables businesses to grow responsibly by harnessing alternative credit data. The company is a CRA that leverages its unique set of data sources, bank-grade infrastructure, compliance framework, and proprietary credit expertise to help lenders fill the gaps that exist in traditional credit analytics. Nova Credit serves as the bridge between data and credit excellence, providing a comprehensive platform of solutions designed to give lenders across finance, fintech, property management, telecom, and automotive a competitive edge in the open finance era. Its cross-border credit product, Credit Passport®, cash flow underwriting product, Cash Atlas™, and income verification product, Income Navigator, are used by leading organizations like American Express, Verizon, HSBC, RBC, SoFi, Scotiabank, Appfolio, and Yardi.
Akoya is transforming the way consumer financial data is accessed and shared. Through a single integration to the Akoya Data Access Network, data aggregators and fintechs can directly connect with financial institutions to securely obtain consumer-permissioned financial data through APIs. Akoya manages these relationships and serves as an interoperable solution available to the entire financial services industry.
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