Cash flow underwriting and data analytics platform Prism Data is partnering with data network Plaid. The integration makes it faster and easier for businesses to analyse and use consumer-permissioned open banking data to underwrite consumers.

Plaid enables consumers to connect financial accounts at over 12,000 institutions globally to more than 8,000 apps. Prism Data tools include its CashScore and Insights products. They are designed to help financial providers make smarter credit decisions. And at the same time, drive better business outcomes by analysing data from connected accounts. The new integration with Plaid’s Relay Token product allows for a token access model between Prism, its lending customers, and Plaid.

The ability to verify consumer-permissioned cash-flow data

This allows Prism to deliver a more efficient cash flow underwriting experience for clients by enabling it to simply and securely retrieve consumer-permissioned data.

Through Plaid’s Assets API, lenders can verify consumer-permissioned cash-flow data. This includes detailed information about a borrower’s identity, assets, balances, and up to two years of transaction history. The data comes directly from their bank account.

Many of Prism’s clients use this information to help determine whether an applicant’s cash flow is sufficient to qualify for a loan or credit product. Prism says that lenders will be able to integrate consumer financial information shared via Plaid into Prism Data more easily.

Moreover, businesses will save time and money by using Plaid to seamlessly share cash flow data directly with Prism Data.

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Plaid+ Prism: simpler, faster, better credit decisions

Specifically, they will sidestep the costs of building bespoke systems for digesting, cleaning and securely delivering that data. Upon receiving the consumer-permissioned data from Plaid, Prism structures and analyses it before delivering to clients the insights and scores they need to more deeply understand a consumer’s current financial position, key trends, and risk profile.

“We’re making it simple for lenders to make better credit decisions, faster, using Prism and Plaid. With Plaid, lenders can focus on the big-picture questions about how open banking data can drive their businesses. And leave the data retrieval and analysis to trusted partners like Plaid and Prism.” said Erin Allard, Prism Data’s GM.

Open banking: better lending and decision making

Open finance enables better lending and decision making. For example, it takes into account consumer-permissioned data that provides a more holistic picture.

“The use of more current and comprehensive data can provide lenders with a more holistic view of their borrowers’ finances and improve underwriting outcomes,” said Tamara Romanaek, Head of Partnerships at Plaid. “With our partnership with Prism, not only are we able to help lenders simplify real-time consumer permissioned data retrieval. We’re also able to help those lenders access powerful analytics and actionable insights for underwriting. We’re thrilled to empower lenders with more robust access to cash flow data to improve borrower results.”