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Nova Credit and Akoya Partner to Enhance Credit Decisioning With Cash Flow Analytics
Slice of Finance Team
09 Sep
Key Highlights:
Nova Credit partners with Akoya to enhance lenders' cash flow and income analytics.
Lenders gain access to trusted financial data through Akoya’s API-connected network.
Improved credit decisioning empowers financial institutions to offer better products without increasing risk.
Partnership focuses on financial inclusion and filling gaps in traditional credit reporting.
Source (Business Wire)
Notable Quotes:
“As the industry embraces open banking, we look forward to deepening our relationship with Akoya to deliver the industry's leading cash flow solution—boosting coverage, improving uptime, and meeting the banks’ analytics and compliance needs.”
“Together, we can provide an open banking-powered solution that delivers cash flow and credit risk analytics atop our high-fidelity data network, enabling a seamless user experience and financial opportunities to more people.”
Our Take:
The partnership between Nova Credit and Akoya marks a significant step forward in enhancing credit decisioning through open banking. By leveraging Akoya’s robust data network, combined with Nova Credit’s cash flow analytics expertise, lenders now have access to deeper insights that allow for more informed credit decisions. This collaboration aligns with the growing demand for more comprehensive financial data, particularly as traditional credit metrics become less reliable. The focus on financial inclusion and responsible lending highlights the industry's shift towards more equitable financial services, benefitting both lenders and underserved consumer populations.