Financial data standardization solution provider Ntropy has formed a partnership with open banking API infrastructure firm Yapily to enhance financial data standardization in the U.K. and across Europe.
Through this partnership, Yapily’s customers will gain access to Ntropy’s artificial intelligence (AI)-powered financial data and enrichment API, enabling them to fully leverage the power of open banking data, the companies said in a Tuesday (Sept. 5) press release.
Stefano Vaccino, founder and CEO at Yapily, said collaborating with Ntropy to provide high-quality, enriched transaction data will bring “more valuable insights and streamlined financial operations to our open banking customers.”
Nare Vardanyan, co-founder and CEO at Ntropy added: “Ntropy was built on the premise that access to data is going to be resolved and what you do with the data is the next big step. Partnering with Yapily we are making this a reality across EMEA unlocking business and consumer data and insights for our mutual customers.”
By utilizing this improved data, the firms said, customers can make more informed decisions using enriched bank transactions to verify self-reported financial data, reduce manual data entry, improve fraud detection and enhance credit risk assessment. The solution will also help identify merchants and recognize income and revenues, leading to more accurate credit assessments.
In March this year, Yapily announced another partnership with Zilch to offer affordable credit solutions to consumers in the U.K. at a time when many British consumers were facing financial challenges due to rising food prices and monthly bills.
“Over 5 million people in the U.K. have little to no credit history, greatly reducing their access to mainstream financial services,” Vaccino said in a blog post at the time. “In times like these, it’s important that everyone has access to the credit they need, when they need it most.”
Through Yapily’s open banking platform, the deal will enable Zilch to access consumers’ risk and affordability profiles more accurately than traditional assessments and in turn offer credit options that are tailored to each customer’s financial situation, per the post.
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