Wednesday, August 3, 2022
NinjaEdge introduces complimentary solution for verifying connectivity ahead of purchasing bank transaction data
Leading predictive analytics platform for credit risk assessment on consumer cash flow data enhances smart routing suite with no-cost connectivity verification
CHICAGO – AUGUST 03, 2022
NinjaEdge, the only bank transaction analytics platform built by lenders for lenders, released today its NinjaEcho solution that provides clients with no-cost confidence that a healthy connection can be established to a consumer-provided checking or savings account.
“Instant bank verification – or IBV – data can be expensive,” said Brian Reshefsky, President of NinjaEdge. “While connectivity has generally improved across IBV providers, at any given time there is a distinct possibility that one provider or another may not be able to reliably connect to a particular bank.”
To save clients from paying to access a consumer’s bank transactions before a response with no usable data, NinjaEdge has combined its proprietary database of dynamic IBV aggregator intelligence with ongoing API connectivity across aggregators to instantly check for an active, reliable bank connection that should yield consumer-permissioned transaction data.
“NinjaEcho unbundles the first critical step of our smart routing algorithms – namely, whether one of our aggregator partners supports the requested bank,” described Jack Zeng, Head of Product for NinjaEdge. “Our clients then activate NinjaFetch to acquire data which further optimizes across available aggregators on other critical factors such as accuracy, data density, and cost efficiency.”
Through relationships spanning the leading IBV aggregators in the U.S., NinjaEdge has originated over 70 million bank data queries covering more than 17,000 banks and financial institutions. Total coverage reaches nearly every U.S. checking and savings account through NinjaEdge’s network of trusted partners. Such unparalleled visibility across the IBV ecosystem informs the smart routing capabilities of NinjaEcho and NinjaFetch.
“In essence, NinjaEcho is the health check to tell our clients whether we expect to connect with the bank where a consumer wants to share their income, spending, and balance history before clients invest in NinjaFetch to acquire and analyze that data,” added Reshefsky. “We’ve made the strategic choice to offer NinjaEcho at no cost to existing clients and prospective clients alike because we believe in the power of our full suite of solutions and because we believe more broadly in the power of bank transaction data to advance financial inclusion.”
In addition to these data acquisition products, NinjaEdge also provides analytics that have been calibrated and curated on over 2.5 million credit decisions utilizing over 1 billion bank transactions. The resulting insights available to lenders go beyond mere categorization and enrichment to deliver actionable insights encompassing a consumer’s income, indebtedness, balances, and high risk behaviors.
“NinjaEdge analytics are built on top of the only data lake that combines consumer-permissioned bank transactions with loan performance data at scale,” explained John Tate, Head of Data Science for NinjaEdge. “The analytical building blocks forged from this experience unlock powerful real-time insight into a consumer’s complete financial picture which enables lenders to approve more applicants who otherwise fall below thresholds of conventional risk assessment techniques based entirely on historical credit account balances and payments.”
NinjaEdge is an automated risk intelligence platform founded by the entrepreneurs and data scientists who pioneered digital lending for Everyday Americans. Since 2017, NinjaEdge has delivered performance-tested insights based on bank transaction data for use cases across the credit account lifecycle. For more information: www.ninjaedge.com
NinjaEcho is the health check to tell our clients whether we expect to connect with the bank where a consumer wants to share their income, spending, and balance history before clients invest in NinjaFetch to acquire and analyze that data.
We’ve made the strategic choice to offer [this health check for bank data connectivity] at no cost to existing clients and prospective clients alike because we believe in the power of our full suite of solutions and because we believe more broadly in the power of bank transaction data to advance financial inclusion.
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