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BRASS Application Corp. Is to Provide an Alternative to Traditional Credit Reporting
BRASS Application Corp. aims to provide an alternative to traditional credit reporting to verify individuals' creditworthiness for lenders based on open banking technology.
Open banking technologies are still in the early stages of development and adoption, but they have the potential to increase competition and innovation in the financial industry significantly. BRASS mobile application is attempting to deep into open banking emerging FinTech concept by utilizing private financial information held by the banks and interconnecting it with customers' purchase history to offer credit score alternatives to borrowers that various lenders of consumer products and services will widely accept. Borrowers are usually individuals seeking consumer credits and loans. Lenders are small and medium enterprises (SMEs), such as retailers, service providers, and others.
Knowing the history of interaction with the clients, their income and expenses, SMEs will offer ready-made solutions using recommendation systems. For example, a home appliance purchase is based on a pre-approved payment plan. The approval decision could be completed within a few minutes as all the necessary information is already entered into the BRASS app and analyzed. Individuals who prefer not to be assessed solely by their credit score can now obtain consumer loans and present proof of their bankability by connecting their banking data and purchase history to BRASS. Small and medium businesses can access an alternative credit scoring system with reliable personal financial reports. From a business's standpoint, it will significantly reduce risks associated with consumers' failure to repay a loan.
About BRASS Application Corp.: the BRASS mobile application provides an alternative to traditional credit reporting to verify individuals' creditworthiness for lenders based on open banking technology. (https://brass-
BRASS Application Corp.
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