PayLaterr, a fintech platform enabling versatile invoice fee for important providers, has partnered with Experian, the worldwide shopper and enterprise credit score reporting firm, to boost PayLaterr’s fraud prevention capabilities.
By the partnership, PayLaterr will combine fraud detection instruments and various credit score information options from Experian into its identification verification and decision-making processes. PayLaterr additionally plans to develop its use of other information to assist customers make extra knowledgeable and inclusive good budgeting selections.
Utilizing Experian’s identification and behavioural analytics, PayLaterr says it hopes to detect and stop fraudulent exercise in actual time. By leveraging ‘non-traditional’ information factors, akin to utility funds, rental historical past, and subscription behaviour, PayLaterr may also intention to higher perceive monetary habits for customers who might not have a conventional credit score file.
Lastly, the partnership is aiming to develop entry to smarter budgeting instruments for customers who’ve been historically ignored by legacy monetary methods.
“Our mission at PayLaterr is to make invoice funds simpler and extra accessible for everybody,” defined Akeem Egbeyemi, CEO of PayLaterr. “Partnering with Experian offers us the instruments to guard our platform from fraud and empower a broader buyer base with smarter, extra inclusive budgeting insights. It is a main step ahead in our purpose to assist individuals take management of their monetary lives.”
PayLaterr presently helps tens of 1000’s of customers pay important payments – akin to hire, automobile funds, and utilities – by means of versatile instalment plans. With Experian’s know-how, the corporate will have the ability to supply larger safety, streamline onboarding, and supply extra correct and accountable budgeting suggestions, all whereas increasing monetary entry to credit-invisible populations.
“We’re excited to help PayLaterr’s dedication to monetary inclusion,” added Shelleyanne Rein, VP of Partnerships at Experian. “By combining our fraud prevention and various information capabilities, we’re enabling safer transactions and serving to extra customers handle their cash with confidence.”
