PayLaterr, a fintech platform enabling versatile invoice fee for important companies, has partnered with Experian, the worldwide shopper and enterprise credit score reporting firm, to boost PayLaterr’s fraud prevention capabilities.
By way of the partnership, PayLaterr will combine fraud detection instruments and different credit score knowledge options from Experian into its id verification and decision-making processes. PayLaterr additionally plans to broaden its use of other knowledge to assist shoppers make extra knowledgeable and inclusive good budgeting selections.
Utilizing Experian’s id and behavioural analytics, PayLaterr says it hopes to detect and forestall fraudulent exercise in actual time. By leveraging ‘non-traditional’ knowledge factors, reminiscent of utility funds, rental historical past, and subscription behaviour, PayLaterr may also purpose to raised perceive monetary habits for customers who might not have a standard credit score file.
Lastly, the partnership is aiming to broaden entry to smarter budgeting instruments for shoppers who’ve been historically missed by legacy monetary programs.
“Our mission at PayLaterr is to make invoice funds simpler and extra accessible for everybody,” defined Akeem Egbeyemi, CEO of PayLaterr. “Partnering with Experian provides 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 objective to assist individuals take management of their monetary lives.”
PayLaterr at present helps tens of 1000’s of shoppers pay important payments – reminiscent of lease, automobile funds, and utilities – by means of versatile instalment plans. With Experian’s know-how, the corporate will be capable of provide higher 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 different knowledge capabilities, we’re enabling safer transactions and serving to extra shoppers handle their cash with confidence.”
