ATLANTA--(EON: Enhanced Online News)--Today, FactorTrust, the leading provider of underbanked consumer data, analytics and risk scoring solutions on those underserved by traditional banking channels, announces the launch of BankLogic. Utilizing BankLogic, lenders can seamlessly view a banking report from consenting applicants – account ownership, deposits, such as a borrower’s income, transaction details and balances – to more accurately evaluate a borrower’s credit risk. The BankLogic platform offers lenders the ability to see up to 90 days of their prospective customers’ banking behaviors, including all deposits and individual transactions to payees. BankLogic leverages Yodlee Interactive’s market-leading data API for secure access to real-time financial data.
“BankLogic places FactorTrust into the forefront of the alternative credit market as one of the only companies offering this service in the U.S. and Canada”
“BankLogic places FactorTrust into the forefront of the alternative credit market as one of the only companies offering this service in the U.S. and Canada,” explains Greg Rable, CEO of FactorTrust. “The BankLogic platform offers lenders a new level of intelligence, through an impartial third party, ultimately making them more accurate and efficient. Consumers will benefit from an easier way to secure funds from lenders who utilize BankLogic to streamline their underwriting process.”
Recent data shows that more than 50 million consumers in the U.S. fall into the category of the underbanked. An immense opportunity for revenue lies within this group, as revenue from interest and fees paid by the underbanked exceeds $78 billion annually. Through this new offering, lenders can request prospective borrowers provide read-only access credentials via FactorTrust’s secure user interface. It allows lenders to view a report pulled from the borrowers’ financial account to assist in completing account validation, income verification and calculating the borrower’s ability to pay in order to provide the consumer with a loan. The process is straightforward, quick and seamless and can be completed in a few easy steps.
“FactorTrust has a wide reach and impressive reputation as a valuable source of data on underbanked consumers throughout the U.S. and Canada,” says Jason O’Shaughnessy, International Vice President for Yodlee Interactive. “We are pleased to work with the FactorTrust team as we continue to expand internationally and help power innovation in fintech.”
More than 600 companies globally, including seven of the top 10 U.S. banks, rely on Yodlee to power personalized financial apps and services for millions of consumers, driving retention, engagement and revenue.
For more information, please visit ws.factortrust.com.
FactorTrust has compiled the most comprehensive data on the underbanked market in the industry through lending portfolios that report data daily, in real time. This daily loan performance data on millions of underbanked consumers is analyzed and combined with leading third-party data attributes in order to provide instant lending decisions using the company’s comprehensive scoring platform. Lenders are continually faced with the challenge of how to effectively and intelligently manage risk to capitalize on this segment. This analysis uses data not typically reported to the credit bureaus, and is invaluable in helping consumers have access to better borrowing options, while also providing a more accurate assessment of the consumer for lenders. For more information, please visit www.factortrust.com or contact FactorTrust at 1-866-910-8494.