The new partnership will involve developing an interpretable and explainable machine learning model called Belvo Open Finance Score.

Belvo Open Finance Score will be powered by FICO’s AI Innovation and Development team using AI techniques such as interpretable neural networks. The model will analyse transactions from multiple financial accounts to generate a credit risk score.

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Belvo Open Finance Score seeks to improve access to credit for consumers and allowlenders to provide personalised financial experiences for their clients.

“The speed of change in consumers’ behaviour since the pandemic is astonishing, and we have an opportunity to bring new insights to lending decisions”, said Albert Morales, Belvo’s general manager in Brazil. “Open finance data provides a much wider picture of the circumstances of people and companies. Together with FICO, we are capturing the predictive value from all this data and summarising it in a score to help financial institutions make more accurate risk assessments and identify creditworthy people they may be missing today.”

Founded in 1956, FICO provides predictive analytics and data science services to improve business operational decisions. In May, the company launched the Inclusion Accelerator Program and Financial Inclusion Lab, making it easy for the market to test and adopt alternative data solutions rapidly.

Alexandre Graff, senior vice president of Global Partnerships and Alliances at FICO, welcomed the partnership with Belvo.

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“Open finance data has the potential to be a major component of a country’s financial and economic ecosystem, as seen in Europe”, Graff said. “The solution we are developing with Belvo can be a game-changer for increased financial inclusion and advances FICO’s mission to help more people get access to credit, as expressed in our Global Financial Inclusion Initiative.”