FICO and Atto agree data partnership

Credit risk solutions provider, Atto has announced a strategic partnership with FICO, which will enable lenders to integrate Open Banking data into the credit scoring process.

Atto and FICO are combining their expertise to deliver transaction-based scores that rank-order consumers’ risk by analysing up-to-date consumer-permissioned current account and tradeline transaction data. The combination of Attos Open Banking technology and FICO’s rich heritage 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.

Clare McCaffery, CCO at Atto said “We are excited to join forces with FICO to bring transaction-based predictive models to the forefront of the credit risk industry.

“Risk managers can leverage these scores informed by Open Banking transactional data, giving them a to-the-second view of their customers.  We’re delighted to be pushing the world of credit risk forward alongside FICO.”

Alexandre Graff, Global Head of Global Partners & Alliances at FICO said “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,”

“Together, Atto and FICO are committed to empowering lenders with the tools they need to compete and grow their business.”