European specialists in bank scoring and personal data sharing announce a partnership.

European specialists in bank scoring and personal data sharing announce a partnership to combine transparency and efficiency in credit analysis.

Paris, March 3, 2023 - MiTrust, a trusted intermediary for sharing and filtering personal data, and Algoan, a leading provider of credit decision support tools, are proud to announce their strategic partnership with the creation of a joint "intermediated open banking" offering.

The use of banking data to calculate creditworthiness has never been easier, and service providers' interest in these so-called "open banking" techniques has never been greater. And yet, the use of open banking can sometimes be perceived as intrusive, as Europeans are increasingly concerned about the protection of their personal data, particularly their banking data.

To resolve this apparent paradox, MiTrust and Algoan have formed a strategic partnership to bring a unique and innovative solution to the market. Combining their expertise, this offering enables online service providers to exploit the full wealth of information held on the bank accounts of their prospects and customers, without having access to the detail.

Once the user has given his initial consent to share his banking transactions with MiTrust, he can then view the results of the analysis carried out by Algoan, and give a second consent to share these results with the online service that requested them. The latter can then provide immediate feedback. In this 100% digital, frictionless process, only the analysis results are transmitted to the online service.

Working together, MiTrust and Algoan offer the most optimal solution in terms of data minimization and business richness for markets such as consumer credit and real estate. This solution provides all the power of bank scoring, while giving users absolute control over their personal data by limiting the amount of information disclosed to the strict minimum.

Michael Diguet, CEO and co-founder of Algoan, comments:

"This new partnership is perfectly in line with Algoan's mission: to make credit more accessible and more responsible. It allows our customers to benefit from the full power of Algoan's data and algorithms, while guaranteeing an excellent end-customer experience in terms of personal data management, as well as ethical and responsible use of the information collected."

Xavier DRILHON, President and co-founder of MiTrust:

"Our partnership with Algoan, in the field of solvency studies, perfectly demonstrates the conviction we hold at MiTrust; strengthening trust on the Internet requires the sharing of reliable personal data, and its disclosure must be selective and under the strict control of users. In a word, share less to share better."

About ALGOAN

Algoan is a French fintech that is revolutionizing the credit sector by making it more inclusive and responsible.

As Europe's leading Credit Scoring API, Algoan provides fintechs, retailers and financial institutions with credit decision support tools that can be integrated via a programming interface into the BNPL, credit granting, car subscription and home loan processes. Based on open banking (the secure sharing of credit applicants' banking data), Algoan's solutions can halve credit risk(1), increase the number of accepted loan applicants by 40%(2), reduce processing costs and offer a seamless 100% digital pathway.

(1) ISO-acceptance

(2) ISO-risk

About MiTrust

MiTrust is a trusted intermediary for the sharing of personal and professional data in application of the fundamental rights and principles of the RGPD. The company is registered with the ACPR (administrative authority integrated into the Banque de France) as an Account Information Service Provider (PSIC) under identification code 17368 (CIB). Its service is already used in 3 European countries (France, Germany and the Netherlands) and in several industries (financial services, online gaming and betting, real estate, human resources, supplier compliance, etc.).