Product: Cash Atlas
Company: Nova Credit
Nova Credit, a fintech company focused on building a fair, inclusive financial ecosystem, created Cash Atlas, a first-party underwriting solution designed to transform bank transaction data into actionable intelligence. By analyzing bank transaction data, the solution creates a complete risk profile to help service providers create a more holistic view of a borrower's financial health and make informed decisions on all types of consumers, the company stated.
Sarah Davies, chief data and analytics officer Nova Credit, observed that traditional data-based underwriting practices have unintentionally excluded a broad swath of consumers.
"Nova Credit's mission is to power a fair and inclusive financial system," she said. "While our dream started by helping newcomers to the U.S. bring their own credit history with them upon arrival, we uncovered an opportunity to help those within the U.S. to tap into their financial data for the betterment of their financial future."
Cash Atlas is designed to accelerate financial inclusion by unlocking first-party consumer financial data to help underserved communities gain access to mainstream credit. This focus, Davies noted, has enabled Nova Credit to unlock consumer-permissioned access to over 1 billion consumer credit files in over 12 countries.
In addition, Nova Credit's products are offered at the point of need, enabling consumers who apply for a credit card or a loan to opt in directly to a lender's application flow, she added.
By connecting consumer-permissioned financial data points, such as bank transaction data in checking and savings accounts, Cash Atlas standardizes and categorizes this data to provide intelligence that is not generally provided through traditional credit reporting channels, Davies stated. She also pointed out that this additional data can help participating financial institutions and service providers in the following ways:
In addition to being a valuable addition to Nova Credit's technology suite, which includes other complementary product offerings such as Credit Passport, the solution marks a milestone in the company's evolution from a world-leading cross-border credit bureau to a consumer-focused credit bureau that leverages permissioned data, Davies stated.
Nova Credit offers a Channels & Alliances partnership program designed to help lenders get easier access to credit risk data by building technology and channel partnerships with other financial technology providers in the ecosystem. The company works with technology providers both to integrate its API-based products into solutions like decisioning engines and Loan Origination Systems, as well as build joint go-to market strategies with its sales channel partners.
Nova Credit has expanded to serve all who feel discouraged by the current financial system, and Cash Atlas is our next step to help consumers and the businesses that serve them unlock access to more data and create a more accurate picture of a consumer's financial makeup, Davies said.
Esipov encouraged interested resellers to join Nova Credit in creating a fairer, more inclusive financial ecosystem. "We enable consumers to paint a more complete picture of their financial health and lenders to more fairly evaluate consumers to provide wider access to credit," she said. "With Credit Passport and Cash Atlas, Nova Credit continues to innovate to pursue its mission of powering a more fair and inclusive financial system for the world." 
Website: www.novacredit.com Contact: sales@novacredit.com
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