Skip to main content

Author: Amy Sariego

Provenir Named to 2021 Credit & Collections Technology Awards Shortlist

NEWS

Provenir Named to 2021 Credit & Collections Technology Awards Shortlist

Provenir helps fintechs, financial institutions, and payment providers make smarter decisions faster by simplifying the risk decisioning process

PARSIPPANY, NJ – Oct. 6, 2021 – Provenir, a global leader in data analytics software and risk decisioning, today announced it has been selected to the 2021 Credit & Collections Technology Awards shortlist in the “Credit Risk Solution” category.

The Credit & Collections Technology Awards highlight the success of companies and individuals who lead the way in enhancing credit and collections technology. The 2021 winners will be announced on Nov. 4.

Provenir’s flagship product, Provenir AI-Powered Risk Decisioning Platform, is the industry’s first, true risk-decisioning ecosystem. It provides a comprehensive real-time view of unified decisioning performance, third-party and historical data, as well as automated analytics. Through one unified digital experience offering four cloud products — decisioning, data, insights and solutions —users can create the platform-as-a-service cloud solution that best fits their business needs.

The suite also includes the Provenir Marketplace, a one-stop data hub for easy access to data covering open banking, KYC/KYB, fraud prevention, credit risk, verifications, social media, collections, affordability and more. With fully maintained API connections to all data providers and a no-code interface, users can easily connect to new data sources in minutes and test data across their decisioning processes.

“To be named to the 2021 Credit & Collections Technology Awards shortlist is a testament to our team’s innovation and forward-thinking approach to developing unparalleled risk decisioning solutions,” said Larry Smith, Founder and CEO of Provenir. “Customers are demanding immediacy in all interactions so having real-time decisioning capabilities is critical. Our solutions combine easy access to real-time data and advanced analytics so clients can make instant decisions with confidence.”

To learn more about the Provenir AI-Powered Risk Decisioning Platform, please visit Provenir.com

The Ultimate Guide to Decision Engines

What is a decision engine and how does it help your business processes?

Learn More


LATEST NEWS

Continue reading

The Fintech Boom in Latin America

NEWS

The Fintech Boom in Latin America

The economies of Latin America are benefitting from a lively and innovative fintech sector. What used to be a two-step process – where the customer would purchase items online and then pay for them at check-out using a cash-based payment method – has now transformed into a more inclusive payment ecosystem where consumers now have increased spending power and can more easily manage their finances.

Jose Luis Vargas-Favero, Executive Vice President and General Manager, Latin America, with Provenir, explains how the fintech boom in Latin American has been driven, in part, by millennials and Generation Z who are digital savvy and more accepting of modern banking /financial services as opposed to traditional banking methods.

Read the full article at Global Finance Magazine.

10 Fintechs that are Transforming SME Lending

Read the Blog


LATEST NEWS

Continue reading

Achieving Regulatory Compliance and Customer Transparency in BNPL

NEWS

Achieving Regulatory Compliance and Customer Transparency in BNPL

Zilch is the only fully Financial Conduct Authority (FCA) regulated Buy Now Pay Later (BNPL) provider in the UK, having worked with regulators over 12 months to secure a consumer credit authorization in 2020. The company recently selected Provenir to leverage its risk decisioning platform to future-proof its BNPL offering and provide agility to address the shifting sands of the regulatory landscape.

In this IBSintelligence podcast, our Executive Vice President, Americas Kathy Stares along with Thomas Matecki, CTO of Zilch, discuss the regulatory scene affecting the BNPL market.

Listen to the full podcast at IBSintelligence.

15 Companies Changing the Landscape of Buy Now, Pay Later

Read the Blog


LATEST NEWS

Continue reading

Provenir for Automating Factoring and Invoice Discounting

DATA SHEET

Provenir for Automating Factoring and Invoice Discounting

Gain the Competitive Edge with Advanced Technology for Integration, Decisioning, KYC and Operationalized Risk Models

Companies that can offer clients simple, efficient factoring and invoice discounting services are the ones that will win more business. But these companies can’t do so at the risk of failing to meet KYC regulations or taking on high-risk clients.

Provenir delivers a unified, vendor-agnostic platform to help your business make the right decisions and make them faster. Leveraging workflow automation, easy integration capabilities and real-time risk analytics and decisioning, Provenir can help you automate and streamline factoring and invoice discounting from start to finish. Instead of days or weeks to complete the process, you can make a decision in just a few minutes to accelerate market growth while reducing risk and ensuring compliance.

  • Cut time and costs with end-to-end workflow orchestration and configurable integration adapters that automatically aggregate information from virtually any internal and external data source.
  • Increase compliance with automated KYC processes that gather data from multiple systems and bureaus, standardize and analyze it to drive a decision.
  • Lower risk with industry-standard financial risk models, including R, SAS, Excel and PMML, easily operationalized within automated risk decisioning processes.
  • Increase business-level control and agility with visual configuration tools to quickly create and change user interfaces, rules, processes and integrations without any programming or dependence on Provenir.
  • Accelerate deployment with the Provenir which offers a highly secure cloud environment with flexible options for domain setup, managed services, deployments and scalability.

Factoring and Invoice Discounting Processes | Provenir

Provenir simplifies, automates and streamlines complex factoring and invoice discounting processes to deliver a better client experience, increase efficiency, ensure compliance and reduce risk.

Simplify Integration and Decisioning Processes

  • Pre-built adapters automate data aggregation with quick integration to multiple sources including enterprise and third-party systems, websites, credit bureaus and social media.
  • Workflow orchestration can automatically manage data enrichment, use existing analytic models to determine risk and move to the next step in the process.
  • Straight-through processing supports instant decisioning with no manual intervention where appropriate.
  • Fully-featured document management provides a centralized, enterprise-wide repository that acts as a single source of information for all decisioning and business processes.
  • Customized documents delivered by the latest technology create a socially collaborative customer experience.

Cut Time and Costs for KYC Compliance

  • Integrated KYC/AML workflow automatically identifies, verifies and validates a client.
  • Dynamic business logic can determine compliance or non-compliance and refer an application to the right individual for further analysis.
  • Business-defined rules support specialization, applying the right regulations and ensuring the right data is captured for each client.

Improve Underwriting Efficiency

  • Easy-to-use- model integration adapters allow any risk model or scorecard developed in industry-standard tools, including SAS, R, Excel, or exported using PMML/MathML, to be quickly operationalized in decisioning processes.
  • Rules-driven decisioning applies risk models and scorecards to aggregated data to automatically determine a rating.
  • A visual interface simplifies risk rating on an on-going basis, such as viewing previous or historical ratings, modifying ratings and re-rating.

Learn how easy it really is to operationalize risk models with Provenir.

Get the Risk Models Guide

Increase Business Agility

  • Wizards make it easy to import, validate and map simple and complex risk models and scorecards without any programming.
  • A visual configuration environment provides graphical tools and wizards to rapidly integrate with data sources, develop interfaces, define rules and build workflows.
  • Visual testing capabilities include champion/challenger testing to facilitate “what if” analysis before risk decisioning processes are put into production.

Automate Factoring and Invoice Discounting with Provenir

Download the PDF Version

The Ultimate Guide to Faster Merchant Onboarding

Get the Guide

RESOURCE LIBRARY

What’s BNPL and How Does it Help You?
News ::

What’s BNPL and How Does it Help You?

NEWS What’s BNPL and How Does it Help You? In ...
Provenir Named Finalist for Best Credit Risk Solution and Best Compliance & Regulatory Technology Solution in the Credit & Collections Technology Awards
News ::

Provenir Named Finalist for Best Cred...

NEWS Provenir Named Finalistfor Best Credit Risk Solution and Best ...
Infographic ::

The History of Credit Scores: Infogra...

INFOGRAPHIC The History of Credit Scores The term ‘credit score’ ...
provenir logo
Data Sheet ::

Provenir for Telco Data Sheet

Provenir for Telco Finding new, creditworthy subscribers while retaining your ...
Webinar ::

Buy Now, Pay Later: Automated Decisio...

ON-DEMAND WEBINAR Buy Now, Pay Later:Automated Decisioning Technology for a ...
Data Sheet ::

Provenir for Collections

DATA SHEET Provenir for Collections Faster strategy deployment. Reduced losses ...
Provenir Named Finalist in the ‘Best Technology Partner’ Category for the Credit Strategy Lending Awards 2022
News ::

Provenir Named Finalist in the ‘Best ...

NEWS Provenir Named Finalistin the ‘Best Technology Partner’ Category for ...
Webinar ::

How to Power Rapid Approvals and Acce...

ON-DEMAND WEBINAR How to Power Rapid Approvalsand Accelerate Your SME ...

Continue reading

Alternative Data – The Champion of Innovative Credit Scoring

INFOGRAPHIC

Alternative Data –
The Champion of Innovative Credit Scoring

How to improve decisioning accuracy and expand your customer base

Traditional credit scores from Credit Reporting Agencies have historically been the only method to determine the risk of lending to an individual. But there are ways to get a much clearer view of a person’s credit risk and make more accurate lending decisions. There are 2.5 quintillion byes of data created globally every day – including various types of alternative data not captured by traditional credit scores.

64% of lenders/credit providers using alternative data see tangible benefits within only a year. Discover why using alternative data is quickly becoming a competitive advantage for lenders.

Want to know how to use alternative data in your credit decisioning?

Get the eBook

RESOURCE LIBRARY

What’s BNPL and How Does it Help You?
News ::

What’s BNPL and How Does it Help You?

NEWS What’s BNPL and How Does it Help You? In ...
Provenir Named Finalist for Best Credit Risk Solution and Best Compliance & Regulatory Technology Solution in the Credit & Collections Technology Awards
News ::

Provenir Named Finalist for Best Cred...

NEWS Provenir Named Finalistfor Best Credit Risk Solution and Best ...
Infographic ::

The History of Credit Scores: Infogra...

INFOGRAPHIC The History of Credit Scores The term ‘credit score’ ...
provenir logo
Data Sheet ::

Provenir for Telco Data Sheet

Provenir for Telco Finding new, creditworthy subscribers while retaining your ...
Webinar ::

Buy Now, Pay Later: Automated Decisio...

ON-DEMAND WEBINAR Buy Now, Pay Later:Automated Decisioning Technology for a ...
Data Sheet ::

Provenir for Collections

DATA SHEET Provenir for Collections Faster strategy deployment. Reduced losses ...
Provenir Named Finalist in the ‘Best Technology Partner’ Category for the Credit Strategy Lending Awards 2022
News ::

Provenir Named Finalist in the ‘Best ...

NEWS Provenir Named Finalistin the ‘Best Technology Partner’ Category for ...
Webinar ::

How to Power Rapid Approvals and Acce...

ON-DEMAND WEBINAR How to Power Rapid Approvalsand Accelerate Your SME ...

Continue reading

Rapid and Simple Data Integration with Provenir Foundation Adapters

DATA SHEET

Rapid and Simple Data Integration
with Provenir Foundation Adapters

The Provenir Risk Decisioning Platform can substantially reduce the time, resources and costs for implementing sophisticated risk decisioning applications. A core strength of the platform is its pre-built and standards-based integration adapters. These “Foundation Adapters” enable IT organizations to communicate and integrate quickly with other internal and external systems as well as multiple structured and unstructured data sources.

Provenir has designed the adapters for ease of use. IT organizations can create integrations in the visual environment provided by the Provenir Platform without any coding or dependency on Provenir. There is no need to start from scratch each time you want to integrate with another data source — connections can be made rapidly using the pre-built integration components. Each adapter provides:

  • Connectivity, security, transaction support and data conversion/parsing
  • Two way communication
  • A visual or graphical data mapper guides the user through the task of establishing the integration and mapping the required input/output data.
  • Visual testing to check the accuracy of the integration. You can test any integration independently, or place it in a business logic process for a more comprehensive test. Provenir provides instant feedback along with a detailed breakdown of the results to show you exactly what happened during the test.

Adapters for Structured Data Sources

Provenir adapters contain the protocol-specific connection specifications for a wide variety of structured data sources1 including:

  • Web Service – Used for XML, HTTP(S), SOAP or Container-less connections
  • JDBC – Used for IBM DB2, JDBC-compliant DB, MSSQL, MySQL, Oracle connections
  • JMS/Message Queue – Used for WebSphere MQ, MSMQ, Apache Active MQ, Rabbit MQ etc.
  • File – Includes (but is not limited to) Delimited, Fixed Length, Binary, PDF, XML, Word and Excel
  • E-mail – Used to send e-mails, faxes and SMS-based messages
  • TCP/IP – Used to connect to legacy systems, such as older credit bureau protocols
  • SMS – Used to send/receive messages across all channels including mobile phones
  • Web-tracking – Used for run-time customer interaction tracking on the web

Unstructured Data Adapters

Social media now offers a potentially powerful new source of valuable data. However, integrating with social media has proven time-consuming and costly. It is not easy to gain access to the data, connect and pull data from social media sources, or make use of the data because it is not stored in a structured format.
Provenir solves this problem with ready-to-use adapters that function as gateways to key social media sites including Twitter and Facebook. Leveraging the connectivity exposed by these sites, Provenir’s social media adapters offer a standardized approach to accessing unstructured data, including a visual configuration interface to create the connection and define what to listen for on a site.

  • The Facebook adapter enables clients to listen for posts on Facebook pages and, when available, use information about the person who posted the message to determine a course of action in response to a post.
  • The Twitter adapter allows clients to:
    • Send tweets
    • Listen for tweets, or specific words in a tweet
    • Reply to a tweet
    • Re-tweet
    • Find followers
    • Determine if specific person is a follower
    • Determine if two accounts are following each other
    • Send a private direct message to a follower
    • Receive timeline and information for a specific user

Provenir Foundation Adaptors

Provenir Foundation Adapters eliminate the need for extensive coding or one-off integrations to multiple structured and unstructured data sources.  

Creating Data Integrations

Creating an integration between Provenir and structured or unstructured data sources is as simple as selecting it from the Add list on the Adapters tab.

Repository Admin Console

Once added, each adapter can be configured to describe the input and output integration between Provenir and the data source.

Configuring a Structured Data Integration

Provenir guides you through each step in the process of configuring an integration, such as this example of using Provenir’s Web Service Adapter to connect to Experian NetConnect, which pulls Experian business and consumer reports over HTTPS.

input and output data values

Easy-to-follow wizards are used to configure both the input and output data values.

mapping in Provenir

You map the Experian element to Provenir, defining how to store the Experian response data in your schema.

Provenir also allows you to use individual fields from the Experian response data in your business logic. When you choose this option, Provenir automatically adds the full xml to your data schema.

Provenir combines the schema and mapping logic that you have defined with the adapter to automatically create the integration.

Configuring an Unstructured Data Integration

Provenir approaches integration with an unstructured data source in the same way as for a structured source. Configuration starts with establishing the physical connection between Provenir and the source, such as Twitter.

twitter

Provenir then guides you through the process of setting up each aspect of the Twitter profile, such as the Listen function where you can track for specific words in tweets or specific users.

output map

You map the fields to be used in the desired business process that are available in received tweets, such as text fields which contain a tweet’s text, user/id that contains a number ID of the person who sent the tweet and user/screen_name which is the Twitter user name of the individual who sent the tweet.

Download the PDF Version

The Ultimate Guide to Faster Merchant Onboarding

Get the Guide

RESOURCE LIBRARY

What’s BNPL and How Does it Help You?
News ::

What’s BNPL and How Does it Help You?

NEWS What’s BNPL and How Does it Help You? In ...
Provenir Named Finalist for Best Credit Risk Solution and Best Compliance & Regulatory Technology Solution in the Credit & Collections Technology Awards
News ::

Provenir Named Finalist for Best Cred...

NEWS Provenir Named Finalistfor Best Credit Risk Solution and Best ...
Infographic ::

The History of Credit Scores: Infogra...

INFOGRAPHIC The History of Credit Scores The term ‘credit score’ ...
provenir logo
Data Sheet ::

Provenir for Telco Data Sheet

Provenir for Telco Finding new, creditworthy subscribers while retaining your ...
Webinar ::

Buy Now, Pay Later: Automated Decisio...

ON-DEMAND WEBINAR Buy Now, Pay Later:Automated Decisioning Technology for a ...
Data Sheet ::

Provenir for Collections

DATA SHEET Provenir for Collections Faster strategy deployment. Reduced losses ...
Provenir Named Finalist in the ‘Best Technology Partner’ Category for the Credit Strategy Lending Awards 2022
News ::

Provenir Named Finalist in the ‘Best ...

NEWS Provenir Named Finalistin the ‘Best Technology Partner’ Category for ...
Webinar ::

How to Power Rapid Approvals and Acce...

ON-DEMAND WEBINAR How to Power Rapid Approvalsand Accelerate Your SME ...

Continue reading

Instabank Deploys Provenir Cloud to Challenge Traditional Lending

NEWS

Instabank Deploys Provenir Cloud to Challenge Traditional Lending

Instabank Deploys Provenir Cloud to Challenge Traditional Lending

Instabank uses Provenir’s cloud-based Risk Analytics and Decisioning to provide a real-time, digital lending experience for its Scandinavian customer base.

Instabank, often dubbed a ‘Challenger Bank,’ is among a new breed of financial services that is taking hold of technology to meet the increasing demand for simplified, digital-first banking experience. The bank is using Provenir’s technology to aggregate credit applicant data from structured and unstructured data sources, including credit bureaux and its core banking system, to provide customers with an instantaneous credit decision.

“Our entire approach is built on simplifying banking, making the customer’s experience very fast and effortless; from the customer-onboarding process through every subsequent interaction,” says Robert Berg, CEO, Instabank. “With the speed and flexibility of the Provenir Platform driving our credit decisioning, our customer is able to apply for a loan while she’s on her lunch break and receive an approval immediately.”

Instabank relies on the vertical and horizontal scalability that the Provenir Platform provides to geographical expansion across Europe. Berg adds, “The nature of our business requires an analytics and decisioning engine that places the control in our hands to manage and configure business logic or credit policy as the company grows. Provenir gives Instabank that control in every aspect – from the ability to operationalize our analytic models down to the visual integration tools.”

Provenir Cloud is a great fit for Instabank as the digital lending landscape becomes more competitive in Europe,” says Paul Thomas, Managing Director, Provenir. “We understand how increasingly important it is for the Challenger Bank to grow its online lending capabilities quickly and we’re pleased that Instabank is using Provenir to expand the lending experience for its customers.”

About Instabank
Instabank ASA is a new Norwegian digital bank, launched in September 2016, with headquarters in Oslo. The Bank’s vision is to create the best customer experience in the market by simplifying the use of banking services. Instabank offers favorable savings and unsecured loans to individuals. In addition, our team is working constantly to develop new products and services that will simplify the way consumers use banking services. The bank is primarily owned by Norwegian investors, and there is no single shareholder owning more than 10% of the company. “We do not think like a bank, we think like you.”

The Ultimate Guide to Decision Engines

What is a decision engine and how does it help your business processes?

Learn More


LATEST NEWS

Continue reading

How AI, Machine Learning and Low-Code/No-Code Approaches are Ushering in the Next Generation of Future-Proof BNPL Initiatives

NEWS

How AI, Machine Learning and Low-Code/No-Code Approaches are Ushering in the Next Generation of Future-Proof BNPL Initiatives

AI, Machine Learning and Low-Code, No-Code approaches are ushering in the next generation of future-proof Buy Now, Pay Later (BNPL) initiatives. As the BNPL space expands rapidly, organizations need to infuse their go-to-market strategies with advanced technology to make these programs sustainable – to manage risk and respond quickly to market needs, and to be agile to shift as needed to adapt and keep pace with the evolving regulatory environment.

In this Payments Journal article, our CTO Veejay Jadhaw outlines the key technology considerations that will have a direct and tangible impact on the future adaptability, growth and longevity of BNPL offerings.

Read the full article at Payment Journal

15 Companies Changing the Landscape of Buy Now, Pay Later

Read the Blog


LATEST NEWS

Continue reading

Futureproofing Buy Now, Pay Later Offerings with AI, Machine Learning and Low-Code/No-Code Approaches

NEWS

Futureproofing Buy Now, Pay Later Offerings
with AI, Machine Learning and Low-Code/No-Code Approaches

The Buy Now, Pay Later (BNPL) space is expanding and evolving rapidly. Do you have the right technology to adapt to any and all changes in this emerging industry?

The technology decisions you make now will have a direct and tangible impact on the future adaptability, growth and longevity of your BNPL products. So, how do you know which technology can help you prepare for the future of BNPL?

In this Financial IT article, our CTO Veejay Jadhaw shares key technology considerations that will give you the agility and flexibility needed to innovate and iterate to stay ahead of growing competition and changing regulations.

Read the full article at Financial IT.

15 Companies Changing the Landscape of Buy Now, Pay Later

Read the Blog


LATEST NEWS

Continue reading

Provenir Appoints New Executive Vice President and General Manager to Lead Latin America Expansion

NEWS

Provenir Appoints New Executive Vice President and General Manager to Lead Latin America Expansion

The appointment reinforces Provenir’s commitment to support financial institutions in simplifying their risk decisioning and driving innovative products to market faster

PARSIPPANY, NJ–Sept. 1, 2021 – Provenir, a global leader in data analytics software and risk decisioning, has appointed José Luis Vargas-Favero as its new executive vice president and general manager for Latin America. In his new role, Vargas-Favero will be responsible for leading Provenir’s ambitious expansion plans to triple its footprint in the region by the end of 2021.

Vargas-Favero brings more than 25 years of financial services experience in management, sales, business development, consulting, data analytics, decision management technology, digital transformation and risk management to Provenir. Prior to joining Provenir, he held several global senior leadership roles at FICO.

“José’s deep industry knowledge and global experience will be invaluable as we seek to become the leading trusted risk decisioning partner across Latin America,” said Larry Smith, founder and CEO of Provenir. “We see tremendous opportunity to help financial institutions in the region provide a superior and more inclusive customer experience by providing them with access to alternative types of data to assess risk and make smarter decisions.”

Latin America is producing a large and rapidly growing number of innovative and disruptive fintechs, which are raising record amounts of investment as they seize the opportunity to provide a superior and more responsive customer experience to a region with a population of more than 650 million and a combined economy of over 5 trillion USD. According to estimates, more than 70% of adults in the region have a smartphone yet only 30% have a banking relationship. Under Vargas-Favero’s leadership, Provenir will enhance its ability to support financial and non-financial institutions in providing better credit options to this unbanked population through alternative data powered technology.

“I am honored to join a company that shares my passion for using data, analytics and decisioning technology to improve the financial services landscape for all, and to contribute to eliminating financial exclusion for the vast population of underserved and unbanked individuals in the region,” said Vargas-Favero. “Provenir has distinguished itself as a global leader in risk decisioning processes with its amazing cloud-native technology, and I am excited to join at this pivotal time to help accelerate the company’s existing growth trajectory.”

The company is actively recruiting talent to expand the team in the region and is establishing alliances with local data partners to continue developing the Provenir Marketplace and better service the region.

Connect with Jose on Linkedin!

The Ultimate Guide to Decision Engines

What is a decision engine and how does it help your business processes?

Learn More


LATEST NEWS

Continue reading