Open Banking Software: Data & Transaction Monitoring Solutions

CRIF’s Open Banking Service offers a comprehensive suite of solutions designed to evaluate customers and manage processes using PSD2 data.

With seamless access to payment accounts, CRIF’s Open Banking Service accelerates creditworthiness assessments for both consumers and businesses, by categorizing customer account transactions, profiling spending behaviors, and identifying new development opportunities.

Thanks to CRIF’s AML and AI technology, financial institutions and other industries can leverage their customers’ transaction data (current account, credit etc.) with accurate categorization for customer profiling, KYC/KYB compliance, effective risk avoidance strategies, and loss reduction plans. Now enhanced with GenAI, our categorization engine delivers an even more precise and insightful view of transaction data.

The main features include:

Open banking
Access to Accounts
KPI calculation
Score calculation
Account transaction categorization (enhanced with GenAI for greater accuracy and insights)
Cash flow indicators
Customer portfolio risk monitoring
Customer portfolio profiling
Marketing intelligence insights

Key Benefits

In-depth Customer Intelligence: Delivers powerful insights to truly understand customer needs.
Real Risk Reduction: Monitors credit risk with early warnings and identifies mitigation actions.
Active Customer Management: Boosts profiling processes and improves cross-selling and upselling strategies.

Covered industries

Banking

Insurance

Telco & Media

Energy & Utilities

Manufacturing

Solution details

Enhancing creditworthiness assessments

NEOS is an open banking solution that enables access to payment accounts to accelerate consumer and business creditworthiness assessments, categorize customer account transactions, profile spending behavior, and identify related development opportunities.

The solution facilitates PSD2 consent acquisition and a secure and smooth connection to bank accounts through an intuitive user interface.

Moreover, the categorization engine, now powered by cutting-edge GenAI, enables account transactions to be read and aggregated into specific categories with greater accuracy and depth than ever before.

GenAI empowers our categorization models through automated, AI-driven training, replacing the previously manual process. While AI handles the heavy lifting of learning from a significantly wider and more diverse dataset, human experts validate all the results, ensuring robust and reliable categorizations.

Finally, advanced analytics produces an innovative credit score and a set of advanced KPIs developed from spending/saving behavior patterns that allow commercial relationships to be developed.

Early warnings to prevent credit default

CATCH provides insights into the customer base by leveraging account transaction data. It is powered by a proprietary categorization algorithm trained with GenAI, allowing it to identify subtle patterns and correlations in transaction data that traditional methods might miss.

This enhanced capability transforms unstructured data into structured insights with increased accuracy and precision. By analyzing a customer portfolio, CATCH identifies potential credit default warnings that can be dynamically updated to monitor portfolio evolution.