The consumer finance specialist will be using the Open Banking tool to help customers create an affordable payment plan based on their financial circumstances

BNP Paribas Personal Finance will use Experian’s Open Banking technology and Aryza’s Debtsense digital platform to provide round-the-clock online account reviews to customers who have been affected by the Covid-19 pandemic.

Consumer finance specialist BNP Paribas Personal Finance has moved quickly with its partners to put the solution in place inside six weeks so that it can meet changing regulatory advice. Debtsense from Aryza uses Experian’s Open Banking service to allow people to share their account and transaction data, giving a clear and detailed picture of affordability, financial circumstances and commitments in rapid time.

The insights will enable BNP Paribas Personal Finance to accurately assess people whose finances have been affected by the pandemic and who may now be vulnerable. They can then be offered a payment break or an affordable payment plan based on their specific circumstances. The app uses the lender’s credit decision policy rules to create a personalised payment plan.

Stephen Hunt, CEO of BNP Paribas Personal Finance, said: “It’s clear that the impacts of the COVID-19 pandemic are having a far-reaching effect on consumers and the wider economy. Throughout this situation our focus has been supporting our customers as most of them have been impacted in one way or another by the coronavirus crisis and subsequent lockdown measures.

This collaboration with Experian and Aryza is a great example of companies coming together to innovate using the latest tech so we can help our customers quickly and easily set up a payment arrangement based on their affordability. Through launching this fully automated service to our customers, we believe this will be helpful, convenient and provide reassurance and control for our customers who need support as we emerge from this pandemic.”

Lisa Fretwell, Managing Director of Data Services at Experian, said: “The Covid-19 pandemic is having a significant effect on the economy and people’s household budgets. As we move towards the recovery stage of the crisis, it’s crucial lenders and financial providers have accurate and insightful information about their customers.

“Debtsense gives users the ability to assess someone’s affordability almost instantly, providing a 360-degree view of their financial circumstances. We’re pleased to be working with BNP Paribas Personal Finance so the tool can support their customers during this challenging time.”

Colin Brown, CEO of Aryza Group, said: “We are passionate about making consumer finance more accessible using technology. Over the years we have developed tools that allow consumers to re-engage on their own terms in a fully digital experience. We are delighted that BNP Paribas Personal Finance has embraced our technology and is using it to help those customers that are affected by Covid-19.”

More than 200 organisations are currently using Experian’s Open Banking service, many to help resolve financial hardship as a result of Covid-19 pandemic. Charities including Citizens Advice Liverpool and Mental Health & Money Advice are using the service to support clients through the pandemic, tailoring advice based on the individual’s situation.

Experian has been at the forefront and a leading innovator in the development of Open Banking technology. Its Open Data platform underpins more than 52 million API requests a month.

BNP Paribas Personal Finance will be using the Debtsense app via credit and debt recovery software specialist Aryza. The platform will help to support those in arrears as customers can set up affordable repayment plans and make payments in real-time using a mobile phone.