NAIROBI, Kenya, July 14, 2021 (GLOBE NEWSWIRE) – UTU, a decentralized trust infrastructure provider that is building new models of digital trust through artificial intelligence and blockchain, today launched its Solvency API for improve the accuracy of credit scores for financial institutions and decentralized funding platforms (DeFi) around the world.
Benefits for banks, microfinance institutions, and decentralized peer-to-peer lending platforms include increased lending volumes and reduced default rates. In addition, these companies can now reach customers who do not have a credit history in new markets.
Using machine learning and artificial intelligence, the UTU Creditworthiness API enables institutions to monitor loans and determine the creditworthiness of individuals and businesses by analyzing a variety of data points authorized by users. These include historical financial information and new repayments that provide the interaction needed to form high precision and precision models, allowing lenders to make decisions with a high level of confidence.
Lenders can download historical and other data, allowing the machine learning model to discover and learn latent loan repayment patterns that can then be applied to decisions about new claims. Our model continuously analyzes new repayment data to increase accuracy and performance, adapting to changing borrowing patterns in its prediction. The creditworthiness API is able to identify the profiles of trustworthy borrowers and those at risk of default through this dynamic model.
In addition, the Creditworthiness API will work in conjunction with UTU’s M-PESA Analyzer API to allow lenders in Africa to easily extract data, such as name, phone number and activity of account payment, M-PESA statements from their clients. Lenders will be able to display this information on a dashboard and integrate it into the credit scoring model.
Benefits for borrowers include the ability to borrow larger amounts with less collateral, access lower interest rates, and improve the customer experience. Borrowers who use decentralized financing platforms (DeFi) can access sub-guaranteed loans. The UTU Solvency API leverages on-chain and off-chain data and social graphics for contextual relevance, providing qualified borrowers with the ability to access financing with less collateral.
For borrowers using P2P lending platforms, UTU’s Trusted Infrastructure provides a trustworthy environment that works in tandem with the Credit API to provide personalized recommendations. They can choose lenders based on endorsements and previous activity on the platform.
In addition, UTU will build the first social-based credit reporting functionality through which businesses can leverage social media connections to add more data to credit scores. This additional layer of trust will differentiate the creditworthiness API from typical credit scoring systems. P2P platforms that integrate the API will allow lenders and borrowers to see possible social connections and make better transaction choices based on who they know.
“Financial transactions are all about trust,” said Jason Eisen, CEO and co-founder of UTU: “When customers trust service providers, their loyalty and patronage is strengthened. will be able to repay. We look forward to evolving the Solvency API to serve more people and bridge the gap between traditional finance, digital banking, and DeFi. “
In the future, companies that connect to the API can extend their services to reward customers who provide reliable information via tokens at no cost to them. This is powered by the UTU protocol which runs on the blockchain. The protocol will also power the UTU Trust API – the company’s flagship product – which provides businesses in mobility, e-commerce and other industries with the tools to fuel contextual customer reviews and recommendations.
For more information, please visit https://utu.io/creditworthiness/.
UTU is building the Internet’s trusted infrastructure to help businesses and consumers engage and transact in a simpler, safer, and more reliable way. The company’s AI-powered API products collect and analyze data to create trust signals and personalized recommendations that help consumers and businesses make the best decisions for their situation. And the UTU blockchain protocol rewards users for trustworthy actions and compensates them for sharing their data while protecting their privacy.
UTU is changing the economy of trust, ensuring that trust can’t be bought or manipulated, and harnesses data to help people make better decisions.
Project name: UTU
E-mail: [email protected]