Experian, Temenos Offer Instant Prescreen, Credit Solutions

Credit rating giant Experian and major banking software player Temenos have integrated their offerings to create “a seamless way for lenders to extend credit,” according to a press release.

The collaboration connects Experian’s PowerCurve product with Temenos’s Infinity product, the release stated.

“During this unprecedented time, organizations have to be agile in how they approach the user journey,” said Experian President of Decision Analytics, North America, Robert Boxberger in the release. “Through this integration, we’re harnessing the power of data and technology to enable financial institutions to make real-time decisions that maximize opportunities, mitigate risk and improve the customer experience. These combined offerings showcase our commitment to continually innovating and finding effective, secure solutions for decisioning automation that businesses can easily scale and rapidly deploy to meet today’s emerging needs.”

The arrangement relies on what Experian calls a “prequalification” process that Experian stated in the release is “initiated by the consumer and, if criteria is met, provides them with a variety of credit options. Prequalification is a soft pull, so it doesn’t affect a consumer’s credit score, and Experian is the only provider configured with Temenos to provide a soft-pull prequalification process across mobile and digital channels.”

The system also lets lenders quickly compare data with their lending criteria, according to the release.

Larry Edgar-Smith, senior vice president of the Business Solutions Group, Temenos Infinity – North America, said in the release: “It’s a natural evolution to our integration with Experian as lenders and consumers alike continue to demand automated decisioning, relevant digital experiences and frictionless access to their credit options.”

Temenos has more than 3,000 banks among its customers and those banks use Temenos to process the transactions of 1.2 billion customers, the release stated.

Credit scores and lending practices are in the spotlight as the pandemic eases in parts of the world and policymakers seek to determine how much difficulty businesses and individuals are having borrowing. The Federal Reserve warned in fall 2020 of potential headwinds for borrowers, PYMNTS reported.