Credit infrastructure and analytics Nova Credit has formed a partnership with Akoya , a data access network that operates through an API-based system. The partnership aims to provide lenders with better tools for assessing cash flow and income data, ultimately improving the accuracy of credit decisions.

By integrating Akoya’s bank data connectivity, lenders can access and verify customer financial information more effectively. This capability allows for better decision-making regarding new customer approvals and product offerings without increasing risk exposure. The partnership leverages Nova Credit’s expertise in analytics and consumer reporting, as well as Akoya’s privacy-centric, API-based data system, to create a scalable and secure solution for both banks and fintech companies.

Improving credit decisions with data-driven insights Officials from Nova Credit noted that the combination of Akoya’s data connectivity with Nova Credit’s cash flow analytics enables credit professionals to gain a deeper understanding of their customers. This, in turn, supports responsible growth and financial inclusion, and improves risk management in a period where traditional credit data may be less reliable. Officials also mentioned the importance of Open Banking in their ongoing collaboration with Akoya.

Representatives from Akoya added that this partnership simplifies and secures data access in the open banking landscape. They emphasised that their joint effort provides lenders and consumers with greater control over financial data, offering a solution built on Akoya’s data network that enhances cash flow and credit risk analytics. The partnership addresses a growing demand among financial institutions for alternative sources of data to supplement traditional credit reporting.

In essence, by leveraging cash flow analytics from Akoya and Nova Credit, lenders can gain a clearer picture of consumers' financial situations, potentially benefiting underserved populations and improving credit assessments. Nova Credit and Akoya’s joint solution is currently available at the time of writing for deployment by both large and small institutions. .