Circeo presents Blitz, a fully-digital and real-time mobile-first solution to streamline personal loans
May 2023
1 min readLeveraging the major innovation in credit risk and creditworthiness analysis driven by open banking, Circeo offers the "Blitz" solution, a fully digital, real-time mobile loan application process that allows borrowers to receive a binding - not conditional - decision within minutes.
Circeo's Blitz solution integrates the most modern and efficient solutions for remote identification, decision, and fraud prevention. The estimation of payment default and creditworthiness of borrowers is based on an open banking score offered by Circeo. Credit Bureau, AML/PEP checks are also integrated. Remote identification (e-KYC) offers any type of method locally complaint. The open banking creditworthiness analysis and the financial calculation engine make it possible to adapt the financial offer to the real repayment capacities of the borrower and to reduce the refusal rate of loan applications.
The required supporting documents can be retrieved online by the borrower directly from their issuers, thus enabling the complete digitisation of the loan application process, right up to the electronic signature of the contract in the event of a positive decision by the lender. The whole process takes only a few minutes and can easily be completed from start to finish on a mobile phone, the amount of data to be entered being drastically reduced thanks to the use of open banking.
And unlike the "instant decision" processes offered by many banking players, Blitz makes it possible to obtain a binding decision in a few minutes, it is not a pre-decision conditional on the subsequent sending of supporting documents.
Blitz is available in a standard pre-configured plug-and-play version, requiring only one point of integration with the credit institution's website.
If you would like to learn more about Blitz, click here to learn more.