Zilch, a London-based fintech company, today announced that it has made a significant step forward in developing its technology to measure affordability. This partnership was achieved with Experian global information services company, to start reciprocal reporting of Buy Now and Pay Later credit information.
Zilch continues its leadership in the space by using a unique combination of CRA, Open Banking and proprietary behavioral data to make active consumer loan decisions. This creates a 360-degree view of a customer’s affordability at any given time.
Zilch’s latest partnership with Experian will add reciprocal reporting of payment plans to the CRA’s data set and further demonstrates how Zilch continues to lead the way in responsible lending ensuring that its customers’ financial health is at the very heart of everything the business does. This is Zilch’s second Consumer Credit Licence, which was obtained by the FCA in November 2020.
Zilch will continue to work closely with partners to improve transparency around customer affordability. This means that Zilch as well as other BNPLs will be able more accurately assess customer affordability, and customers will be rewarded for responsible behavior.
Zilch and Experian will now connect their extensive database to gain insight into the financial capabilities of its 2 million customers. This will help Zilch in its decision-making. Zilch uniquely makes use of open banking data and its own proprietary data to assess customer affordability on each transaction and adding this to that mix will only strengthen Zilch and Experian’s ability to drive customer value responsibly.
Philip Belamant, Zilch Co-Founder & CEO, said “Our mission at Zilch is to provide people with the most ubiquitous and rewarding way to pay for anything, anywhere. This partnership is one of many technology alignments that we are leveraging as we scale in order to create the most comprehensive view of a customer’s affordability all while ensuring performance is fed back to partners allowing others in the space to take responsible decisions too.
Zilch was founded with financial health in mind. This is why we were among the first BNPLs that worked with the FCA for a consumer credit license. Today, by partnering with Experian, we are continuing to transform the way affordability is assessed which is the key to us delivering financial inclusion to all.”
Paul Speirs is the Managing Director for Digital Consumer Information at Experian.: “By using Experian’s affordability technology, Zilch is able to access a much richer and deeper level of insight into someone’s financial situation enabling them to provide a better and more informed lending decision. This is vital in light of rising inflation and rising living costs. We’re excited to partner with Zilch to support responsible lending in the BNPL market.”
Zilch’s customers can pay with debit or credit any place. You can use your Zilch app to see and communicate live spending, as well as cashback, discounts, and short-term, interest-free, manageable levels. To do this, Zilch’s in-house technology uses a per-transaction affordability assessment that’s always proportionately programmed to each customer and unlike credit cards, is updated with each spends. Zilch offers its customers the best ways to pay – credit or debit – save money and get cashback – plan repayments with reminders and/or even deferred installments at no cost.
For more information, please visit: https://www.payzilch.com/