Helping make credit risk assessment processes frictionless.
Our solutions are built to help our clients retrieve income and expenditure data from their customers, and to apply useful categorisation and analytics, in the early stages of credit risk assessment.
Our range of products, features, insights and platforms can help our clients access data quickly and securely, enabling them to make decisions when lending to, and verifying, their customers.
Security is a priority at illion. Our solutions are independently tested and audited by external security experts and our data is encrypted with bank-level 256-bit encryption as well as being secured by 2048-bit keys.
Data Collection: BankStatements
illion BankStatements’ technology provides a fast, web-based solution for the retrieval or collection of income and expenditure data. Our technology is used by thousands of lenders and brokers in Australia and New Zealand. Data can be captured via three options (or a combination of all three) with required consents obtained from the end user. These options are:
- Open banking, where our solution captures end user consents as required under the CDR regime.
- Optical Character Recognition (OCR) where a statement is uploaded as a pdf and converted into a machine-readable text format (StatementOCR).
- Digital Data Capture.
For more information about StatementOCR
StatementOCR delivers categorisation and analysis of bank data through a simple PDF upload. It offers a frictionless web-based solution to detect fraudulent PDF statements and delivers bank data analysis and metrics which can help our clients make faster, smarter credit decisions.
For more information about our Open Banking solution
Our Open Banking services can help categorise and analyse bank data through a direct path to the evolving data sharing ecosystems available in Australia through the Consumer Data Right regime. This may be a direct and reliable way to retrieve income and expenditure data as Open Banking becomes more established.
For more information about Digital Data Capture
Our proprietary Digital Data Capture technology retrieves data from over ~160 banks, credit unions, loyalty platforms, share trading accounts and superannuation providers across Australia and New Zealand. This means retrieval of more data and access to documents across multiple sources.
Our proprietary analytics and insights provide categorisation and risk scores which can help to ensure clients can use the data retrieved effectively in the credit assessment process.
illion’s Categorisation can enrich our clients core banking transactions while delivering analytical insights. Being armed with these valuable insights may enable accurate credit risk decisioning, hardship identification and overall matter management.
This tool can be used to assess the risk, liquidity and serviceability of customers. They put the data you need at our clients fingertips which can assist when making lending decisions and drive a business further. Our client-driven Decision Metrics and pattern analysis can help our clients to use categorised transaction data to provide them with a tailored view of account holder information.
illion Transaction Risk Score
The illion Transaction Risk Score (iTRS) allows illion’s clients to improve their credit management with informed underwriting and pricing. Leveraging illion’s BankStatements capability, iTRS provides powerful new insights into applicants’ financial behaviour.
We can also provide statements and reports through a range of platforms, to both brokers or lenders.
This tool allows users to securely retrieve automated bank statement data in seconds and reduce difficulties which may arise during the application process. Our customer authorised service provides analysed statements and transaction data to you to help with credit decisions.
Solutions to Make Life Easier
Authenticate (to reduce invoice fraud)
illion Authenticate helps protect your business from the growing risk of customer, invoice and supplier fraud. Available across Australia and New Zealand, Authenticate is a fast, web-based, process for qualifying a customer or supplier’s identity. It enables you to fast track onboarding and account changes while preventing damaging exposure to fraud.
Switch (to migrate BPAY biller & payee details between bank accounts)
Switch removes the friction from migrating biller and payee information from one transaction account to another. This secure service exports all BPAY billers and payees from a customer’s existing bank account so their new account can become their primary transaction account and minimises things falling through the cracks.