PrivatBank Integrates Nordigen’s Transaction Categorisation Solution

PrivatBank is expanding its scope of open banking solutions by integrating Nordigen’s account data transaction categorisation engine. This allows PrivatBank to make faster, more precise and ultimately more responsible lending decisions.

As part of its open banking initiative, PrivatBank is leveraging customer transaction data to offer their customers better tailored digital banking services. To gain fast and accurate insights from this data and automate its lending decision processes, the Bank is using Nordigen’s transaction categorisation engine.

PrivatBank has launched its open banking platform  with the help of global technology giant Tieto. The platform is expected to create “effective and innovative solutions” for its customers.

Nordigen’s transaction categorisation product helps PrivatBank to improve their customer onboarding, loan underwriting and increase its lending volumes.

“At the end of last year, PrivatBank started to offer consumer loans. The Bank’s cooperation with Nordigen is our logical step and strategic decision, which will allow us to improve the speed and accuracy of our credit decisions. Bank positively and with enthusiasm evaluates the cooperation with Nordigen as it will enhance the scope of use of cutting-edge technologies in FinTech. We are looking forward to a mutually successful cooperation,”

comments Una Jansone, member of the Board of PrivatBank.

 “At Nordigen, we strongly believe that a worldwide adoption of open banking will greatly improve the financial lives of billions of people. PrivatBank is one of the first banks to deliver an innovative and competitive financial service offering to their customers in Latvia. Our technology helps PrivatBank to better understand their customers so that they can persevere on their mission to offer targeted consultations, tailored products and improve customer satisfaction,”

says Nordigen Head of Enterprise Sales Kristaps Driķis.