PayLaterr, a fintech platform enabling flexible bill payment for essential services, has partnered with Experian, the global consumer and business credit reporting company, to enhance PayLaterr’s fraud prevention capabilities.
Through the partnership, PayLaterr will integrate fraud detection tools and alternative credit data solutions from Experian into its identity verification and decision-making processes. PayLaterr also plans to expand its use of alternative data to help consumers make more informed and inclusive smart budgeting decisions.
Using Experian’s identity and behavioural analytics, PayLaterr says it hopes to detect and prevent fraudulent activity in real time. By leveraging ‘non-traditional’ data points, such as utility payments, rental history, and subscription behaviour, PayLaterr will also aim to better understand financial habits for users who may not have a traditional credit file.
Finally, the partnership is aiming to expand access to smarter budgeting tools for consumers who have been traditionally overlooked by legacy financial systems.
“Our mission at PayLaterr is to make bill payments easier and more accessible for everyone,” explained Akeem Egbeyemi, CEO of PayLaterr. “Partnering with Experian gives us the tools to protect our platform from fraud and empower a broader customer base with smarter, more inclusive budgeting insights. This is a major step forward in our goal to help people take control of their financial lives.”
PayLaterr currently helps tens of thousands of consumers pay essential bills – such as rent, car payments, and utilities – through flexible instalment plans. With Experian’s technology, the company will be able to offer greater protection, streamline onboarding, and provide more accurate and responsible budgeting recommendations, all while expanding financial access to credit-invisible populations.
“We’re excited to support PayLaterr’s commitment to financial inclusion,” added Shelleyanne Rein, VP of Partnerships at Experian. “By combining our fraud prevention and alternative data capabilities, we’re enabling safer transactions and helping more consumers manage their money with confidence.”
Source: https://thefintechtimes.com/
