On 25th July 2019, the Dutch central bank granted Invers, one of the first organizations in the Netherlands, a PSD2 license. The Fintech Enabler can now offer a complete financial analysis solution to its Fintech partners. Invers automatically retrieves bank transactions from the banks for and on behalf of its partners, enriches the transactions with an average of 95% and makes extensive financial analyses of a household or a company.
What is PSD2?
PSD2 is a new European legislation that regulates payment transactions. Via PSD2, consumers and companies can give third parties access to their bank accounts. This only applies to parties who have obtained a PSD2 license. And very importantly, access is only possible with the explicit GDPR permission of the account holder.
What can Invers and PSD2 offer fintech’s and financial service providers?
Access to account information is interesting, but bank transactions really become relevant when they are structured and it even becomes more interesting when extra information is added. Bart den Hollander, CEO Invers: “With this license we offer all aspects for an all-in service. We can retrieve bank account information, enrich them with additional and relevant information and make extensive financial analyses and profiles”. For over 25 years, Invers has been the specialist for recognizing and interpreting bank transactions in the Benelux. With an average enrichment of 95%, financial analyses and social profiles are compiled and delivered to partners. Invers interprets and enriches the account information with categories, counterparties and many specific features of income and expenditure. Moreover, information is also enriched from public API data sources.
Examples with possible applications:
A lender wants to create a possible risk profile for every new client. On the basis of the profile, a customer is offered a lower or higher interest rate for a loan. If someone has met his or her obligations perfectly in recent years, this will have an effect on the interest rate.
A debt counsellor wants to constantly show clients the real spending scope on their current accounts. This gives much more insight than just the balance, because amounts which will be debited in the current period are already taken into account.
A collection agency calculates the monthly repayment capacity for a client’s debt. They can now make agreements which the client is also able to honour.
An insurer sees that her client has booked a holiday, but no travel insurance. Based on this, the insurer advises taking out short-term travel insurance.