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  • Writer's pictureKelsie Papenhausen

EDGE Announces Agreement to Integrate with Corelation in order to Unlock Open Banking Insights from Credit Unions' Own Data

Industry-first open banking platform will deliver access to external accounts alongside direct connectivity to credit unions' core systems for complete financial picture of members and indirect applicants

CHICAGO, Feb. 29, 2024 /PRNewswire-PRWeb/ -- EDGE, a consumer reporting agency and leading provider of open banking insights for consumer credit decision-making, announced that it will integrate with Corelation's KeyStone core processing platform in order to deliver open banking insights to the many leading credit unions who utilize the KeyStone platform.

EDGE is licensed to access KeyStone via application programming interface (API) for any mutual customers of the two businesses. This API integration will include read-only access for such data as share draft accounts' current balance and transaction history as well as member profiles and tradelines.

"Our API agreement with Corelation is an important milestone along EDGE's journey to deliver open banking insights that help credit unions better serve their members with greater automation and risk assessment based on a more complete financial picture, ultimately accelerating approvals and increasing conversions," said Brian Reshefsky, CEO of EDGE.

EDGE has built the leading platform for income verification and credit risk insights based on banking activity data. From members' and indirect applicants' income, saving, and spending behaviors, the company produces bureau-like attributes and scores that are highly predictive of credit risk. In fact, EDGE is a consumer reporting agency that leverages loan performance and outcome data to improve its risk analytics in the same vein as the large national credit bureaus.

After several years serving digital lenders and battle-testing its attributes and score against hundreds of thousands of loans originated with its open banking insights, EDGE is bringing this intellectual property and cashflow underwriting expertise to credit unions. In collaboration with a number of early adopters, EDGE has launched a pilot program that will expand and calibrate its library of attributes and risk scores to best serve the specific needs of credit unions and their members.

"We're thrilled to be one of the first credit unions to start using the tools and insights that EDGE is building to improve member care," said Amy Schade, SVP of Lending for Trius, an early participant in EDGE's pilot program. "Their integration with Corelation will enable our loan officers and underwriters to extract powerful insights from data on our members that improve the speed and accuracy of our credit decisions."

Open banking insights from EDGE complement traditional credit risk assessment methods by enabling credit unions and other consumer risk business to include important indicators of ability to pay alongside the legacy credit reports and scores are generally considered as proxies for willingness to pay. Particularly for unserved and underserved including "thin file" and "no hit" applicants, insights distilled from this alternative data can replace manual information typically requested and provided during manual review.

EDGE's attributes and scores not only enable increased automation of credit risk assessment; the company is also developing Relationship Attributes™ based on factors from a member's profile that underwriters typically consider for marginal applications. Such important aspects to the credit union's relationship with the member as the length of membership and past tradelines are delivered as attributes for credit unions to build rules and scorecards in order to automate historically time-intensive checklists.

"I've never been more excited about innovation as I am now at EDGE," said Craig Peterson, VP of Credit Union Sales for EDGE. "For the first time, credit unions have the ability to make better decisions and improve member care with data they've been accumulating for decades. Our open banking insights enable real-time income verification and automation of a number of legacy stipulations for the credit unions who are working with us; our Relationship Attributes™ are an absolute game-changer; and integrating with Corelation integration will be an essential building block for this effort."

About EDGE

EDGE is a consumer reporting agency based on open banking data from an optimized portfolio of bank data aggregators and risk analytics built by lenders for lenders for actionable insights into consumer creditworthiness. The platform was launched by the lenders, entrepreneurs, and data scientists who pioneered data-driven digital lending for Everyday Americans two decades ago. EDGE delivers risk insights for use cases across the credit account lifecycle that have been performance-tested on real world lending decisions on over three billion bank transactions linked to over half a billion dollars in loans since 2017.


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