Craypas Solutions (CEO Minjeong Kim) announced on September 10th in Tokyo, Japan that it had signed a strategic partnership with global data and risk management specialist LexisNexis Risk Solutions (LNRS).
The core of this partnership is to combine LNRS's global data, fraud modeling, and profiling techniques with Crepas Solution's strengths in multi-faceted credit scoring to more precisely assess the credit of the financially excluded (credit-vulnerable, low-income, foreigners, etc.) and expand financial accessibility, while upgrading and applying AI algorithms to block increasingly sophisticated fraudulent attempts in a non-face-to-face environment.
LNRS is a globally competitive company in information-based analytics and data management, operating in over 180 countries and serving 84% of the Fortune 500. LNRS supports reliable decision-making for global financial institutions and corporations through core solutions in fraud detection, regulatory compliance, and risk analysis. LNRS is partnering with Crepas Solutions to leverage the data acquired through this process to develop alternative credit scoring and decision-making automation.
Craypas Solutions, which holds a patent for specialized credit ratings, is Korea's first alternative credit rating company. It has pioneered new assessment methods for the financially underserved, leveraging diverse data sources, including internal and external big data, along with AI technology. Furthermore, Craypas Solutions, a cloud-based, proprietary decision-making automation platform called "STEPs," provides a system that enables rapid and flexible application of key strategies, including review approvals, limits, and interest rates. This collaboration will accelerate the advancement of its AI risk agent.
To put these plans into practice, Crepas Solutions has signed an agreement to verify the solution and is currently building a PoC (Proof of Concept) system for application to non-face-to-face credit card issuance by domestic credit card companies and auto loan fraud prevention work with overseas financial institutions. The company plans to continuously expand the scope of cooperation for actual application in the future.
Kim Min-jung, CEO of Craypas Solutions, stated, "Credit scores, as they were in the past, no longer adequately assess diverse populations. To truly provide financial services where they truly matter, we need to expand our monopolistic credit standards, which typically rely solely on a single factor. We need to build an infrastructure of opportunity and trust, based on the understanding that financial transaction information isn't the only information that determines a person's creditworthiness." She added, "This collaboration with the company with the largest global data base will be a significant turning point in identifying more trustworthy individuals, even those with low or no credit scores."
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