illion Open Data Solutions

illion Open Data Solutions is a suite of tools offered by illion that aims to assist businesses in retrieving income and expenditure data from their customers for credit risk assessment. According to the vendor, this product is suitable for businesses of all sizes, with a particular focus on asset finance and mortgage brokers, financial planners and accountants, fintechs, lenders, and banks.

Key Features

BankStatements: According to the vendor, BankStatements is a web-based solution that offers users multiple options for retrieving income and expenditure data, including open banking, optical character recognition (OCR), and digital data capture. It also ensures the capture of required consents from end users and is reportedly trusted by thousands of lenders and brokers in Australia and New Zealand.

StatementOCR: The vendor claims that StatementOCR allows users to upload PDF statements for categorization and analysis of bank data. It also includes features to detect fraudulent PDF statements, providing users with valuable bank data analysis and metrics to aid in faster credit decisions.

Open Banking: The Open Banking feature enables users to access evolving data sharing ecosystems through the Consumer Data Right regime in Australia. According to the vendor, it offers a direct path to available financial institutions for categorizing and analyzing bank data, providing a reliable way to retrieve income and expenditure data.

Digital Data Capture: The Digital Data Capture feature reportedly allows users to retrieve data from over 140 banks and credit unions in Australia, as well as 20 institutions in New Zealand. It extends beyond bank data and includes retrieval from loyalty platforms, share trading accounts, and superannuation providers, providing users with access to a wider range of data and documents from multiple sources.

illion Categorization: According to the vendor, illion Categorization enriches core banking transactions and delivers analytical insights that enable accurate credit risk decisioning and hardship identification. It is said to enhance overall matter management, providing users with valuable tools for effective risk assessment.

Decision Metrics: Decision Metrics is designed to assess the risk, liquidity, and serviceability of customers, providing tailored views of account holder information. The vendor suggests that this feature aids in making lending decisions and driving business growth by providing comprehensive insights into customer profiles.

illion Transaction Risk Score (iTRS): The vendor claims that iTRS improves credit management by providing informed underwriting and pricing. Leveraging the capabilities of BankStatements, this feature reportedly offers valuable insights into applicants' financial behavior, allowing for powerful risk assessment.

BrokerFlow for Brokers: The vendor states that this feature is specifically designed for brokers, enabling them to directly access customers' statements from illion. It aims to reduce difficulties in the loan application process and streamline assessment procedures, saving time and effort for brokers.

BrokerFlow for Lenders: Similar to BrokerFlow for Brokers, this feature allows lenders to access customers' statements directly from illion. It is intended to simplify the loan application process and streamline assessment procedures for lenders.

Switch: The vendor claims that Switch removes friction from migrating biller and payee information between bank accounts. It securely exports BPAY billers and payees from the customer's existing bank account, providing a seamless transition to a new transaction account.