AperiData Launches Open Banking-Powered Credit Score, AperiScore™, at Open Banking Expo

AperiData, an Open Banking credit bureau and authorised Credit Reference Agency (CRA) under the Financial Conduct Authority (FCA), has introduced AperiScore™, a credit score powered entirely by Open Banking data. This innovation allows lenders to bypass traditional credit limitations, evaluating applicants in real time, even those with thin or limited credit histories.

The UK has seen a rise in “credit-invisible” individuals, with 5.6 million adults lacking substantial credit history by the end of 2023, up from 5 million in 2022. AperiScore™ aims to address this challenge by analysing millions of Open Banking transactions, predicting applicant repayment potential with high accuracy, and increasing credit access for underserved populations. Early adopters have seen significant results, with one lender overturning 9 out of 10 marginal declines.

CEO Vision and Industry Impact

Stephen Ashworth, CEO of AperiData, underscored the company’s mission of fostering financial inclusion through innovative data-driven assessments:

“Financial assessments should be fair and ethical, grounded in the most accurate and up-to-date information, which is why we leverage our proprietary platform to enable a completely new approach to credit scoring.”

AperiScore™ enables lenders to make precise, real-time lending decisions, empowering them to serve a broader range of applicants fairly.

Transforming Credit Assessment Through Open Banking

Ed Adshead-Grant, AperiData Non-Executive Director, highlighted the industry shift enabled by AperiScore™, stating that “using real-time bank data enables a step change in risk decisioning, creating a whole new capability within the lending and credit scoring space.” This forward-thinking approach provides lenders a complete, trustworthy picture of an applicant’s financial status.

Simon Lyons, Chief Strategy Officer at obconnect, praised AperiData’s achievement, emphasizing that AperiScore™ realizes the true potential of Open Banking, creating a more accurate, cashflow-based assessment system.

Learn more about AperiData’s groundbreaking solution at AperiData