FICO and Israel’s Open-Finance.ai to Streamline Decision-Making in Credit, Insurance

Global analytics software provider FICO (NYSE: FICO) announced a partnership agreement with Israel’s Open-Finance.ai, a risk, finance and compliance software enabler of open banking and finance services and consulting firm headquartered in Tel Aviv.

Through this agreement, Open-Finance.ai will “integrate the FICO® Blaze Advisor® decision rules management system into its open banking platform.”

This fully automated, instant lending experience will “allow lenders to move away from manual and time-consuming credit assessment methods and embrace real-time, analytically driven appraisals.”

With the advent of open banking data in Israel, this integrated technology from FICO and Open-Finance.ai will “help remove human bias from lending decisions, improve risk decisions and expand credit to more people.”

Mark Farmer, vice president of Partner Management for FICO in Europe, and MENA, said:

“Israel is on the cusp of major banking reform with the introduction of open banking. Automating decisions allows lenders to increase the efficiency of the lending process without sacrificing risk management regulatory rigour. This will speed up lending, increase customer satisfaction, reduce operational costs and drive economic activity.”

Itzik Gini, co-founder at Open-Finance.ai, said:

“Israel’s new open banking measures are an exciting opportunity to promote innovation and effective competition in the market. Manual processes, a conservative approach and significant regulation have been a drag on growth of the Israeli market,” said Shay Basson, co-Founder at Open-Finance.ai. Now, we have an ability to manage risk instantly, based on multiple data sources to provide an instant, yet risk-aware decision to credit and insurance consumers. To unlock this potential, we knew we wanted to work with FICO due to its global leadership position in decision management technology.”

As FICO’s flagship rules authoring solution and the world’s leading decision rules management system, FICO® Blaze Advisor® “enables organizations to maximize control over high-volume operational decisions.”

Blaze Advisor provides businesses, “across multiple industries, with a scalable solution that delivers unprecedented agility and actionability for smarter, transparent, and more consistent business decisions.”

Blaze Advisor empowers business users “with multiple methods for rule authoring, testing, deployment, and management.”

As noted in the update, Open-Finance.ai supplies “a full platform of financial technology tools for small start-ups up to the largest financial institutions (banks, insurers, Fintechs).”

They develop easy-to-use “yet rich APIs and SDKs in order for you to get the most of your customer’s financial data (on the cloud).”

FICO powers decisions that “help people and businesses around the world prosper.”

Founded in 1956, the company is “a pioneer in the use of predictive analytics and data science to improve operational decisions.”

FICO holds “more than 200 US and foreign patents on technologies that increase profitability, customer satisfaction and growth for businesses in financial services, manufacturing, telecommunications, health care, retail and many other industries.”

Using FICO solutions, businesses in “more than 120 countries do everything from protecting 2.6 billion payment cards from fraud, to helping people get credit, to ensuring that millions of airplanes and rental cars are in the right place at the right time.”

FICO and Blaze Advisor are “registered trademarks of Fair Isaac Corporation in the US and other countries.”

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