XOR Data Exchange, has announced online accessibility for its Small Business Data Exchange. The XOR Small Business Data Exchange allows the sharing of proprietary data about “even the smallest” of small businesses to help financial services institutions, telecommunications providers, marketplace lenders, and others reduce fraud and credit risk while complying with Know Your Customer regulatory requirements.
Mike Cook, CEO and founder of XOR, said lenders need better credit risk and fraud data. With approximately 1/3 of SMEs failing within 2 years, XOR seeks to mitigate this risk.
“The XOR Small Business Data Exchange makes it easy and affordable for smaller lenders to gain access to expansive data to gain powerful fraud management, credit risk management, and compliance insight,” stated Cook.
XOR data exchanges enable companies to participate in cross-industry fraud, credit, compliance and marketing efforts while maintaining ownership and control over their customers’ data. In return for sharing their customers’ data, exchange members get access to valuable information from other members to help better identify fraud and credit risks in, for example, new small business account openings.