Finance broker Jaja teams up with D•One for Open Banking solutions
In a groundbreaking move, D•One, the Open Banking services business of the ClearScore Group, has partnered with Jaja Finance, an insights-driven lender that specialises in offering credit to consumers often excluded from mainstream lending. This collaboration aims to promote financial inclusion and responsible lending by utilising a broader range of data beyond traditional credit scoring methods.
D•One's unique combination of Open Banking records and credit expertise allows for the identification of positive and negative risk indicators, reducing arrears by up to 60% without any reduction in lending volume. This partnership is set to enhance financial inclusion by offering simple, fair, and efficient credit, as stated by Francesco Di Costanzo, CEO of Jaja.
The partnership enables Jaja to access detailed financial data in a secure and consent-driven manner. This expanded data access helps Jaja to identify creditworthy individuals who may have been overlooked by conventional credit models that rely heavily on limited credit bureau data. It also supports responsible lending practices by providing clearer insight into borrowers’ true ability to repay, thus reducing the risk of over-indebtedness.
Tim Kelleway, the managing director at D•One, expressed that Jaja is leveraging D•One's enriched dataset to better understand financial behaviours and make more inclusive and sustainable lending decisions. This collaboration is changing the shape of credit decisioning in the UK, benefiting both lenders and consumers.
In the last 12 months, D•One's enriched Open Banking data has enabled approximately 120,000 consumers to receive an affordable loan that would otherwise have been declined. This partnership is a demonstration of Jaja's dedication to innovation and inclusivity, and it is a significant step towards advancing financial inclusion while maintaining lending standards that protect consumers.
The partnership between D•One and Jaja is also a testament to D•One's engagement this past year, with the company signing up some of the UK's most successful fintechs. As the collaboration continues to evolve, Jaja will integrate consumers' banking data into mainstream lending decisions, powering smarter decisions with enhanced accuracy.
For further reading, visit "Why Open Banking data heralds a new era of credit decisioning."
[1] D•One's work with lender partners is changing the shape of credit decisioning in the UK for the benefit of both lenders and consumers. [3] The partnership between D•One and Jaja is a demonstration of Jaja's dedication to innovation and inclusivity. [5] The collaboration improves accessibility to credit for underserved or financially underserved populations, thereby advancing financial inclusion while maintaining lending standards that protect consumers.
[1] This collaboration between D•One and Jaja is revolutionising credit decisioning in the UK, bringing about changes that benefit both lenders and consumers.
[2] By partnering with Jaja, D•One is showcasing its commitment to innovation and inclusivity, as they aim to promote financial inclusion and responsible lending.
[3] The partnership provides Jaja with access to detailed, secure, and consent-driven financial data, enabling them to identify creditworthy individuals who may have been overlooked by conventional credit models.
[4] The combined use of Open Banking data and advanced analytics has allowed D•One to identify positive and negative risk indicators, reducing arrears by up to 60% without any reduction in lending volume.
[5] This collaboration is not only expanding accessibility to credit for underserved or financially underserved populations but is also taking significant strides towards advancing financial inclusion while maintaining lending standards that protect consumers.
