GDS Modellica and Unnax sign a strategic partnership to provide new Open Banking services
The collaboration between the two companies will foster the development of new solutions using data analysis, customer intelligence, and risk scoring at a time when banking is undergoing a massive transformation because of PSD2.
They will offer new Open Banking solutions that will help financial companies make better decisions, focusing both on new and existing clients, and mitigate the threat of arrears and fraud.
GDS Modellica and Unnax have signed a collaboration agreement to join their efforts in the development of new disruptive solutions within the Open Banking space in the Iberian Peninsula. As a result of this collaboration, Unnax, a pioneer in Spain in the provision of Open Banking services, and GDS Modellica, a leading provider of data analysis and intelligence systems on a global scale, will combine their strengths with the aim of offering new solutions in the field of data analysis, customer intelligence, and risk assessment at a decisive moment for the banking sector due to the great transformation it is undergoing because of the introduction of the new Payment Services Directive (PSD2).
The PSD2 is a European regulation on electronic payment services that entered into force in 2018 with the aim of increasing the security of payments in Europe, promoting innovation, and favoring the adaptation of banking services to new technologies. The new directive is causing many changes in the sector by giving third parties access to the technological infrastructure of banks. This opening of banking data to third parties through open application programming interfaces (APIs) is known as Open Banking. This has brought about a new model in banking that differs heavily from how the sector operated up until now. This new model is heavily customer-centric; the customer’s wants and needs are at the center of the business and the ability to anticipate the customer’s demands and offer relevant solutions is the highest priority.
This strategy of collaboration will greatly benefit both companies. According to Antonio Garcia Rouco, director of GDS Modellica, “working together with Unnax allows us to combine the rich data Unnax’s technology treats and compiles with the top notch analytical and decisional systems we provide to our clients.” According to Julian Diaz-Santos, cofounder at Unnax, “collaborating with GDS Modellica will allow us to offer qualitative improvements in the services we provide our clients in terms of data intelligence”.
Thanks to this agreement, both companies offer the sector a comprehensive solution that covers the management of decisions with access to the most significant data, allowing financial institutions to make more accurate decisions, both for existing clients and new clients, significantly reducing the risk of arrears and fraud.
About Open Banking
Open Banking is a new current within consumer banking based on transparency and access to banking data. Up until now, the customer’s bank data belonged exclusively to their bank. Open Banking proposes that access to that data should be open so certified third parties can use it to provide the customer with innovative products and services. The objective of Open Banking is to empower the customer and allow them to be the true owner of their data. However, there are many questions that arise about the conditions in which banks must give access and what is the limit of information because it can carry many risks due to its misuse.
Unnax, founded in 2016 by Jordi Perez and Julian Diaz Santos, is a provider of next-generation financial technology. Unnax operates in the payment services sector, offering modern banking technologies based on account aggregation and payment initiation. Unnax serves clients in multiple European markets and is in the process of expanding internationally, driven by the new Payment Services Directive and the Open Banking movement.
More information: unnax.com
Phone number: 902 65 06 51
About GDS Modellica
GDS Modellica, with offices around the world, is a software company specializing in risk decision management. For more than 15 years, we have helped hundreds of financial institutions and various organizations worldwide achieve greater growth while successfully managing their risks. The company provides decisional software and the necessary analytical technology to help the companies we work with manage risk processes, fight fraud and generate profitable relationships with their customers. GDS Modellica has a presence in more than 36 countries, and our clients include banks, insurers, retailers, and credit card issuers.
More information: gdsmodellica.com
Phone number: + 34 639 334 787