Denmark-based credit decisioning solution Monthio has announced that it secured its ISO 27001 certification aimed at information security improvement. Following this announcement, Monthio is set to use the certification in order to further improve its information security services and to meet the needs, preferences, and demands of its customers and partners, as well as the regulatory requirements of the market.

The ISO 27001 represents an internationally recognised standard that was designed to set the framework for implementing, maintaining, as well as improving the overall security management systems of the industry. After obtaining this certification, Monthio aims to safeguard sensitive information and data while ensuring an improved level of security for its client base. According to the press release, the certification procedure was led by SCK Certifications.

The comprehensive assessment evaluated in detail Monthio’s information security practices and methods in order to ensure that the company meets the industry standards and the needed requirements for the ISO 27001 certification. Monthio’s recent launches and partnerships Credit decisioning solution that combines banking experience with technology for improving the overall lending landscape, Monthio had multiple collaborations and launches in the last couple of months, covering several geographic areas around the world. In July 2023, the company announced its partnership with Open Banking connectivity provider Enable Banking for facilitating loan approval procedures in Spain.

By using their expertise in banking and Open Finance technology, Monthio focused on enhancing the speed and accuracy of credit decisions for major banks, loan providers, and financial institutions across the Nordics. In addition, Enable Banking was set to offer extensive Open Banking connectivity throughout the European region. As many financial institutions in Spain were relying on outdated manual processes and data at the time, the process led to slow and inaccurate loan approvals.

Following this deal, Monthio planned to assist Spanish banks and loan providers in the delivery of augmented customer experiences through more informed and quicker credit decisions. The partnership implied the integration of Open Banking connectivity and enhanced credit decisioning technology for the overall Spanish financial landscape, in order to provide faster, more accurate, and secure loan approvals, benefiting both FIs and clients. Earlier in May 2023, the company offered information and insights on how Open Banking is essential in the process of optimising mortgage approval in Norway.

Monthio also provided customers with its creditworthiness solution that leverages Open Banking and other financial data in order to offer a holistic financial overview in real-time. This included income and expenses verification, as well as extensive insight into possible risks and warnings. .