We collect, cleanse and categorise the data, and present it back to our clients with actionable insights,
to enable them to make more informed decisions on their customers.

Connect. Enrich.


What we do


AccountScore helps businesses to obtain and understand bank transaction data with complete flexibility.



AccountScore is an analytics business based in London but with people in the USA and in India, which provides actionable insights and analytics on bank transaction data for our clients - typically banks and financial services companies who want to learn more about their customers, prospects and applicants.

Where our clients already have bank transaction data we simply import the data and provide analytics through our dashboards or by API. Accounts can be analysed individually, or we can process multiple accounts with millions of transaction rows in a single import.

Where our clients are non-banks that want to analyse bank data for their customers, or banks that want to analyse their customers’ transactions from other banks, we work with our sister company, Consents.Online, which obtains and stores transactions for clients and manages customers’ permissions for the viewing of this data. Consents.Online is applying to become an Account Information Service Provider (AISP) when legislation for this comes into effect in January of 2018. In the meantime, it obtains the data using screen scraping methodologies.

Clients of AccountScore can use Consents.Online on a back-to-back basis so do not need a direct contractual relationship with it.


Using Consents.Online to Obtain Bank Transaction Data

Consent

 

Let’s assume you are a business which wants to access the bank transaction data of your customers. In order to access that information, you will need the customer’s permission. AccountScore uses its sister company, Consents.Online, to manage the consent process.

At the point you want a customer to grant you permission to see their bank account(s), you would direct them to a page in the Consents.Online platform, where your customer will be able to select exactly what information you want to see, how frequently you would see it and how long you will have access to it for.

Once a customer has given this permission they can visit the Consents.Online site or our Android and iOS apps in order to see when you have accessed the data and to modify or renew permissions.

Consents.Online acts as a customer’s central consent hub, where they control and monitor the permissions they have given to third parties.

Connect

 

After permission has been granted, Consents.Online accesses your customer’s bank data either through the online banking interface or where available through direct APIs which it has to UK banks.

Data is obtained as frequently as you, our client, requests it, provided consent has been granted by the customer.

When the data has been obtained by Consents.Online from the bank, you can access it through AccountScore’s APIs and through our dashboard. Options for this are set out below.

Using AccountScore to analyse The Data – AccountScore Verify, Enrich and Events

AccountScore Verify

 

Verify is a simple API service which allows clients to verify their customers’ employment and income.

Read more here

AccountScore Enrich

 

Enrich is AccountScore’s most detailed solution which provides richly categorized data as well as numerous actionable insights into the data. Enrich is provided through APIs as well as through our powerful dashboard.

Enrich has a number of additional modules which focus on disposable income calculation and account forecasting.

Read more here

AccountScore Events

 

AccountScore Events are real-time alerts for significant changes in the customer’s account. These might include potential loss of income, potential new employer and returned payments.

Events are provided in the Enrich dashboard, through the API and by email on a daily basis.





Why Use Bank Transactional Data


Predictive Behavioural Data

Consumers and businesses have infinite possibilities for how they use their bank account. This isn’t limited to verifying how much money is going through the account. Where customers transact, what transfers they make and how often they use their account are amongst numerous predictive variables in the building of credit models.


In-Depth Profiling

Where customers spend, what financial services they have, what utilities they use. There are enormous marketing and profiling opportunities originating from this kind of information. Bank data allows businesses to treat their customers individually and precisely – a better experience for everyone.


Actionable Insights

AccountScore provides its clients with numerous actionable insights. Below is a non-exhaustive list of how they are generated and how they might be used by our clients:



Further information on insight case studies
Insight
Mechanism
Example Use Case

Identified Income

 

Incoming transactions evaluated using a scorecard approach to determine which are earned income

 

  • Profiling customer
  • Credit limit and re-assignment
  • Disposable income calculation
  • Identification of change of circumstances

Next Paydate

 

Where a payday is regular, the system identifies when the next payday will be

 

  • Repayment date setting
  • Call scheduling

Rule of Pay

 

Where a payday is regular, the system identifies what the underlying pattern is (eg last working day, last Friday of the month, last calendar day etc)

 

  • Repayment date setting
  • Call scheduling

List of Financial Services

 

Detailed list of financial services providers found in the account

 

  • Adjustments to facility or underwriting decision to take into account indebtedness
  • Adjustments to facility or underwriting decision to take into account new commitments
  • Adjustments to facility or underwriting decision to take into account missed payments
  • Customer profiling

List of Regular Outgoings

 

Detailed list of regular outgoings, typically utilities found in the account

 

  • Adjustments to facility or underwriting decision to take into account new commitments
  • Adjustments to facility or underwriting decision to take into account missed payments
  • Customer profiling

List of Benefit Payments

 

Detailed list of benefit payments found in the account

 

  • Adjustments to facility or underwriting decision to take into account loss of employment
  • Adjustments to facility or underwriting decision to take into account vulnerability

List of Gambling Transactions

 

Detailed list of gambling payments found in the account

 

  • Adjustments to facility or underwriting decision to take into account vulnerability

High cash transactions

 

Both ATM withdrawals and cash deposits found in the account

 

  • Adjustments to facility or underwriting decision to take into account less certain income and expenditure

Other transactions By Category and Disposable Income

 

Sum of transactions by category. Categories were defined to contain items generally accepted to be essential, non-essential and discretionary

 

  • Disposable income calculation based on transactions segmented into compulsory and discretionary groupings

Similar Transaction Grouping and Forecasting

 

Separately from categorization, transactions are profiled into four key regularity patterns (i) Recurring, (ii) Regular, (iii) Significant and (iv) Other. This is done separately for both credit and debit transactions

 

  • Building of forecasts for the account – particularly where applied to SME accounts

Transfers to other banking institutions

 

Customer is transferring funds to another account in their name or to another persons i.e. their Spouses, bank account

 

  • Triggers a request for an additional bank account to be added in order to provide the lender with a full picture of consumers spending enabling underwriting decision



Consents.Online: Consent and Connect

Consents.Online performs two primary roles:

1. Consent: To determine whether a company (its client) has consent to access a customer’s bank account, and to allow the customer to obtain transparency into what account has been accessed by whom and to change those consents on demand

2. Connect: To connect to banks and securely download and store transaction data on behalf of its clients


Consent

Consents.Online (accessed by customers at Consents.Online) is a central hub where consumers can control what consents they have given, and to whom. It provides clients with an iframe or web page where they can direct their customers to indicate their consent to that client accessing their bank transaction data.

Once consent has been granted, customers can visit Consents.Online to see what data has been accessed by whom and to change consent permissions.

Connect

Consents.Online is applying to be an AISP which will have permission to use the APIs provided through the UK’s open banking initiative to connect to banks and download data. Where APIs are not available at certain financial institutions, AccountScore obtains the transaction information directly through the online banking interface.

Consents.Online adheres to strict security standards and stores and transmits all data according to best security practice. The next step matches each and every transaction through our Categorisation engine, which finds matches from a database of well over 2 million keywords - applying detailed and accurate categories and subcategories to each row.






AccountScore Verify

‘Verify’ is a simple API call for customers that wish to verify the consumers’ employment and salary.

The API returns the following information:

  • Employer Name (if present) or Transaction Description
  • Salary Amount
  • Pay Frequency
  • Next Expected Pay Date
  • Any associated recurrence data
  • Out of work benefits payment flag
  • Possible loss of income flag

View the integration guide here





AccountScore Enrich


‘Enrich’ is AccountScore’s most detailed solution which provides richly categorized data as well as numerous actionable insights into the data. Enrich is provided through APIs as well as through our powerful dashboard.

Enrich has a number of additional modules which focus on disposable income calculation and account forecasting.

Enrich provides numerous ‘actionable insights’ and allows clients to obtain enhanced transaction data on which predictive models can be built.


The Enrich Modules

Customers have the option of using additional modules in AccountScore Enrich.

These modules include:

  • Basic affordability
  • Enhanced affordability
  • Standard financial template
  • Account forecasting

View the integration guide here





AccountScore events

AccountScore notifies its clients of events in the dashboard, by XML and by email. Example events are shown below. Events are bundled with AccountScore Enrich, and offered as an add-on to AccountScore Verify.



The Detailed Events
Event
Mechanism
Example Use Case

Possible Missed Payment

 

Recurrence engine predicts a payment to a member of the financial service or other outgoing list which does not appear

 

  • Adjustments to facility or underwriting decision to take into account early indicator of financial stress

Returned Direct Debit

 

System sees a returned payment and matches it with its corresponding outgoing transaction

 

  • Adjustments to facility or underwriting decision to take into account early indicator of financial stress

New Financial Service Commitment

 

System looks for a payment to or from a financial service provider which has not been present in the previous 30 days

 

  • Adjustments to facility or underwriting decision to take into account early indicator of financial stress

Loss of Income

 

Recurrence engine predicts income which does not appear

 

  • Adjustments to facility or underwriting decision to take into account early indicator of financial stress

Debt Management Indicator

 

System highlights presence of debt management and debt collection transactions

 

  • Adjustments to facility or underwriting decision to take into account early indicator of financial stress

New Employer

 

System highlights where a new earned income stream is detected

 

  • Adjust credit line for new circumstances
  • Remove customer from special measures
  • Adjust repayment date
  • Adjust repayment amount

Inbound Payment Alert

 

Customer has received a payment into their account

 

  • Adjustments to facility or underwriting decision to take into account changed customer circumstances
  • Outbound action (call, message) trigger for collections or marketing activity



AccountScore at Finovate


AccountScore proudly launched our US platform at Finovate in San Jose in February of 2017. The video is here, and takes only seven minutes. Watch it to get an overview of what we do:

http://finovate.com/videos/finovatespring-2017-accountscore/






Contact us

Our head office is in London. Call us any time on the numbers at the bottom of this page, or use the following contacts depending on where you are based:





Emma Steeley,
Commercial Director, UK,
emma.steeley@accountscore.com

Joseph Hungin,
Head of Strategic Partnerships, USA,
joseph.hungin@accountscore.com

Rajiv Khanna,
Country Head, India,
rajiv.khanna@accountscore.com


We also have plans to expand into further jurisdictions imminently, so if you are based in a different location and wish to explore using AccountScore, please contact Emma Steeley via: emma.steeley@accountscore.com and we can share our plans for your location.



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