Advance.AI integrates Visa credit-scoring service to onboard SE Asia’s unbanked

Singapore-based AI and digital identity verification provider Advance.AI has integrated credit scoring capabilities from Visa to help it address unbanked and under-banked people in Asia.

Advance.AI, which boasts 700 enterprise clients across Southeast Asia and India, will integrate Visa’s creditworthiness transaction score services into its core services. It is the first company in Southeast Asia to pass iBeta’s biometric presentation attack detection test.

Visa wants “to accelerate and simplify digital customer onboarding, risk management and credit” decisions involving the unbanked and under-banked, says Advance.AI CEO Dong Shou. “Advance.AI’s data partnership with Visa will strengthen the efficiency and robustness of our digital identity verification, fraud prevention and risk management services across Southeast Asia.”

The score is derived from the spending volumes and purchase categories of Visa debit or credit card holders, their spend stability and the number of their purchase-authorization declines. According to Shou, the score, which is not available in credit-bureau reports, can be used to reinforce standard credit-scoring variables.

The Visa integration contract, according to Advance.AI, will strengthen its digital identity verification, risk management and credit decision services.

“In Southeast Asia, preference for cashless payments continues to grow, and nearly four in five consumers plan to use cashless payments more often,” explains Adeline Kim, head of Visa’s data solutions for Asia-Pacific.

Visa recently sponsored the Open Identity Exchange. The September 29 event focused on digital ID.

Article Topics

Advance.AI  |  banking  |  biometrics  |  digital identity  |  identity verification  |  KYC  |  onboarding  |  Southeast Asia  |  Visa