CONSENT, CONNECT & ENRICH

AccountScore provides clients with access to bank transaction data through Open Banking and delivers cutting-edge transaction analytics to drive value.

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About us

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 a Registered Account Information Service Provider (AISP) with the Financial Conduct Authority, registration number 792642.

consents.online is a place where customers can control what consents they have given and to whom. Where consent has been granted, it connect to banks to collect the transaction data that our clients request. Learn more about consents.online

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

Smartphone displaying consents.online welcome page.
Product In Action
1 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.
2 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.
Product In Action
1 AccountScore Verify Verify is a simple API service which allows clients to verify their customers’ employment and income.
2 AccountScore Enrich

Enrich is AccountScore’s most detailed solution which provides richly categorised data as well as numerous actionable insights derived from 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.
3 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 Transaction Data

Predictive Behavioural Data

The knowledge that can be obtained from access to bank transaction data isn’t limited to how much money is going through the account. Where they 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

See where customers spend, what financial services they have and what utilities they use. There are enormous marketing and profiling opportunities available from this kind of information. Bank data allows businesses to treat their customers individually, according to their circumstances and to ensure a better experience for everyone.

Actionable Insights

AccountScore provides its clients with valuable Actionable Insights. Set out below is a list of examples of these and how they are generated together with associated use cases.

Insight Mechanism Example Use Case
1 Identified Income Incoming transactions evaluated using a scorecard approach to determine which are earned income
  • Profiling customer
  • Setting credit limit and re-assignment
  • Disposable income calculation
  • Identification of change of circumstances
2 Next Paydate Where a payday is regular, the system identifies when the next payday will be
  • Repayment date setting
  • Call scheduling
3 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
4 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
5 List of Regular Outgoings Detailed list of regular outgoings 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
6 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
7 List of Gambling Transactions Detailed list of gambling transactions found in the account
  • Adjustments to facility or underwriting decision to take into account vulnerability
8 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
9 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
10 Similar Transaction Grouping and Forecasting Separately from categorisation, 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 forecasts for the account, particularly where applied to SME accounts
11 Transfers to other banking institutions Customer is transferring funds to another account in their name or to another persons e.g. 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
72%
Submission Rate
75%
Completion Rate
106,182,249+
Transaction Rows

AccountScore Products

Consent

Consumers manage their online consents from one central hub.

Connect

Connect to banks and securely download and store transaction data.

Enrich

Enrich provides richly categorised data with actionable insights.

Verify

Simple API calls Verify consumers salary and employment status.

Events

Dashboard notifications of events via API and email.

consents.online

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.

Smart devices showing consents.online

Connect

consents.online is an AISP and 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.

Enrich

Enrich is AccountScore’s most detailed solution which provides richly categorised 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 statement
Account forecasting

AccounrtScore Enrich dashboard

Verify

Verify is a simple API call for customers that wish to verify 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

Events

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

Event Mechanism Example Use Case
1 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
2 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
3 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
4 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
5 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
6 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
7 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

Try AccountScore Today

See the AccountScore analysis for yourself by connecting your bank account. Getting set-up only takes a couple of minutes.

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Data for better decisions

White Papers

AccountScore’s expert management team has put together a set of white papers analysing the key issues currently effecting the credit and data markets in the UK, USA and India. The papers are free to download, so please do go ahead and read. Should you wish to discuss any of the content, don’t forget you can get in contact via the details within each paper or at the bottom of the website.

Paper Description Download
1 AccountScore in the US credit market An overview of the US credit market & a data led analysis of the uplift transaction data provides lenders.
2 AccountScore and consents.online in the UK credit market An overview of the UK credit market & a data led analysis of the uplift transaction data provides lenders.
3 AccountScore in the Indian credit market An overview of the Indian credit market & a data led analysis of the uplift transaction data provides lenders.
4 Forecasting and evaluating SMEs using transaction data An overview of the challenges facing SME lenders and the products on offer to help
5 Key policy and regulatory initiatives analysed An overview of the key policy and regulatory initiatives current effecting the UK market including PSD2 and Open Banking.
6 AccountScore information security review An overview of AccountScore’s information security framework

News

Equifax and consents.online announce Open Banking partnership

Equifax

Equifax and consents.online have announced that they have launched an Open Banking platform which for the first time allows UK consumers and small businesses to manage the sharing of their financial information.

The alliance has been established to develop solutions for the UK’s Open Banking initiative which gives online banking customers the ability to share their financial data, traditionally held by banks and building societies, with authorised third parties. Read more...

EVENTS

Want to meet with us? We're attending these upcoming shows and would be delighted to discuss our products with you.

CUNA GAC:
25 Feb – 1 March 2018, Washington, DC
Association for Financial Technology:
Spring 2018 – Ojai
California: 4-6 March 2018
2018 Credit Union Analytics Summit:
13-15 March 2018, Microsoft, The Commons, Redmond, WA
Credit Summit UK:
15 March 2018, QEII CENTRE, LONDON
CFSA 2018:
16-19 APRIL, 2018, MIAMI, FL
Card Forum:
7-9 May 2018, Miami, FL
Digital Banking:
6-8 June 2018, Austin, TX
Association for Financial Technology, Fall 2018:
23-25 Sep 2018, Hilton Head, South Carolina
Finovate2018 Fall:
24-27 Sep 2018, New York, New York
Money2020:
21-24 Oct 2018, Las Vegas, NV

Open Banking permissions platform nabs another major partner

Equifax

Credit reference agency Equifax has hitched its Open Banking plans to the consents.online permissions platform.

As Open Banking continues to creep forwards, consents.online is assembling an impressive roster of partners. Read more...

East Sussex Credit Union becomes the first credit union to provide an Open Banking solution to its members by utilising the consents.online platform

East Sussex Credit Union

East Sussex Credit Union becomes the first credit union to provide an Open Banking solution to its members by utilising the consents.online platform.

Consents Online Limited (consents.online), one of the first Registered Account Information Service Providers (“AISP”s) in the UK and the only AISP offering Open Banking as a Service (“OBaaS®”), is delighted to announce that the East Sussex Credit Union, which operates a successful and ethical co-operative savings and loans business in Brighton & Hove, will be utilising the newly implemented Open Banking API framework powered by consents.online to transform its decision and underwriting processes. Read more...

Open Banking: what are the options for consumers?

The Telegraph

Open Banking took a big step towards mainstream public acceptance recently when HSBC unveiled a smartphone app that lets consumers take advantage of the initiative.

But Open Banking is a new concept that is still unfamiliar to many consumers. Here, Telegraph Money breaks down what it is and what options are available to consumers. Read more...

HSBC starts using Open Banking data to assess customer affordability

Mortgage Solutions

HSBC has taken a significant step into the Open Banking regime by signing a deal with a third-party software and analytics provider to allow it to launch consumer products utilising data through the initiative. Read more...

HSBC to tap Open Banking potential through new partnership with consents.online

HSBC sign

HSBC UK is set to capitalise on the opportunities presented by Open Banking after agreeing to a partnership with consents.online, an Account Information Service Provider (AISP) Read more...

ClearAccount, powered by consents.online, has today become the first Personal Finance Manager to utilise the newly implemented Open Banking API framework

Consents Online logo

consents.online releases the first live Open Banking Personal Finance Management product. Read more...

Consents Online Leading Open Banking Revolution

Consents Online logo

Consents Online Limited, is delighted to announce its authorisation from the Financial Conduct Authority as a Registered Account Information Service Provider (“AISP”). Read more...

AccountScore at LendIT Europe

AccountScore was delighted to introduce at Lendit Europe 2017 it’s custom built consents management platform, consents.online, which gives customers the ability to consent, control and view how their data is being used by third party provider under Open Banking.

AccountScore at Finovate

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

AccountScore shines at Finovate, San Jose

Finovate Spring 2017 logo

Ian McKenna sums up day 1 at Finovate and reflects on the success of AccountScore's launch in the USA. Read more...

Contact Us

Our head office is in London. Call us any time or click on the following regional contacts depending on where you are based:

AccountScore Limited, Floor 33, Euston Tower, 286, Euston Road, London, NW1 3DP, United Kingdom. Phone: +44 (0)207 030 3000

Emma Steeley
Commercial Director, UK
Joseph Hungin
Head of Strategic Partnerships, USA
Rajiv Khanna
Country Head, India

Try AccountScore Today

See the AccountScore analysis for yourself by connecting your bank account. Getting set-up only takes a couple of minutes.

Try AccountScore Login

Helping businesses serve their customers