Finnish Skadi brings its cost-free CreditWorthy service to consumers in September. The service enables to create a holistic picture of one’s finances and supports everyday decisions by combining data from several parties.
The service is enabled by EU’s new payment service directive PSD2, with which banks must open interfaces to customers’ account information to third parties licensed by national financial supervisory authorities.
Skadi is the first Finnish company who has been granted a PSD2 license by the Finnish Financial Supervisory Authority.
CreditWorthy creates a comprehensive overview to a consumer’s personal income, spend and ability to pay. The user authorizes CreditWorthy to retrieve the information required for the analysis from the banks she uses.
“Many Finns are caught between banks, when e.g. a household’s grocery account can be in a different bank than a salary account. CreditWorthy gathers the information from several banks as required and creates an overview of the user’s finances” says Skadi’s development manager Mikko Nikkanen.
In addition to income and spend, the service gives a traffic light estimate of the consumer’s ability to pay. Often one’s finances get derailed when surprise costs need to be covered. By the end of June, 382 700 Finns were registered with a default of payment.
“Information about one’s finances and ability to pay helps in making better everyday decisions. This is why we created CreditWorthy”, says Nikkanen.
When giving the authorization, the user can decide herself which accounts she wants to include in the analysis. The data is in the user’s control, and there are e.g. no ads targeted to the user. The service is based on a one-off authorization, which expires once the user gets the result of the analysis.
The new service is enabled by the new payment service directive (PSD2), which obliges banks to open their interfaces to third parties like Skadi. Skadi’s operation is supervised by the Finnish Financial Supervisory Authority.
“For Skadi, this free service is a way to demonstrate the change potential of PSD2. From now on, an excellent user experience is not tied to the relationship with a bank”, Nikkanen says.
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Skadi is a privately held software company, established in 2017. Its services automate finance processes based on manual work. Skadi is licensed to offer in the EU the CreditWorthy account information service which gives consumers a free analysis of their availability to pay. The company also helps pioneering finance and technology companies in Central and Northern Europe to save costs and to improve their customer experience using machine learning and automation. www.skadi.chat