Short name: FIVER
Long name: Financial Information Verification Based on Transactional Behaviour
Company: Verge Capital Limited
Call: F4Fp-SME-COD210119 (see call details)
Proposal number: F4Fp-SME-COD210119-04
SUMMARY REMARKS & TESTBEDS
The EU lacks a uniform way to assess individuals requesting credit products and/or post-paid services. This changed with the introduction of PSD2. The European Commission with the implementation of the revised payment service directive (PSD2) forced banks to open up their APIs to regulated entities. These APIs enable third party providers (TPPs) to get access to individuals’ payment accounts (with their consent) to provide them with various services. PSD2 was a good start but it comes with caveats, given that the details provided by each bank are different and the same goes for the format of the APIs. This has created a very challenging environment for TPPs and their customers to get accurate insights from the data.
We want to develop a streaming engine that will normalize and classify transactions, regardless of their originating API implementation (e.g. Open Banking, Berlin Group, proprietary etc.). So, our customers will be able to better understand individuals’ behaviour and to produce valuable insights on their money management behaviour. These insights will enable better financial decisions, will foster financial education, will push for greater financial inclusion and will assist Europe in becoming a single market for credit products and post-paid services.