Wurmie is a fintech company headquartered in Warsaw, Poland, with a representative office in Ukraine, allowing to access banking data from more than 60 banks in Europe and Ukraine.
Wurmie allows banks and MFIs to import users' bank account information to identify, assess solvency, obtain a classification of client's income and expenses and allows the following operations to be performed online:
- Verify the customer (with his consent) by reading his personal data from the bank for accurate identification and exclusion of fraud;
- Receive a detailed report of transactions and movements of funds on the bank account;
- To analyze the received information: transactions leasing, account turnover calculation, etc;
- Assess solvency of the client.
How Wurmie works.
The Wurmie has widget and it is embedded in the credit institution's website or mobile app, providing customers with a secure online banking experience and increasing their trust in them as borrowers.
The authorization process consists of just a several steps:
- Selecting a bank from a suggested list.
- Client provides consent to process personal information.
- Logging in to the online banking system. The client's login and password are never saved and are deleted from the secure storage device immediately after successful authorization in banking.
Wurmie uses proprietary expert analytics based on Big Data and machine learning technology to provide companies with detailed reports on each customer categorizing their transactions for the year.
During the reporting phase, Wurmie applies exceptional measures to protect data from theft to the partner company. All information is transmitted encrypted and can only be decrypted by the partner with an individual key (a two-factor authentication method is used: API and IP whitelist keys).
Wurmie uses reliable data centers located in Germany, which means that all data processes and systems are fully compliant with EU legislation and strictly controlled by the regulator.
Wurmie's innovative technologies for assessing the level of riskiness of the client.
Wurmie is a B2B transactional analytics service that has no direct equivalents in the Ukrainian market. Wurmie imports, analyzes and classifies banking data in real time, helping companies make better business decisions.
The data obtained with Wurmie can be used to identify a customer's identity, assess their creditworthiness in detail, accurately segment them, and analyze their financial behavior. The relevance of this information is superior to data from other sources, including credit bureaus, because it is available on a day-to-day basis.
The service provides an opportunity to significantly improve the evaluation procedure, as well as to save time and reduce its cost to the company. For example, it is convenient to use analytics of bank transaction data for the most effective assessment of clients not only in terms of riskiness, but also for their authentication and automatic fraud checking ("antifraud") without extra documents and additional information - instead of more expensive counterparts like BankID.
Wurmie for financial companies.
Wurmie is a powerful additional tool for building scoring systems (credit scoring systems for borrowers) of financial companies.
Transactional analytics takes scoring to a new level due to unique capabilities of obtaining and processing information.
Data from Banks
Wurmie provides financial and credit institutions with user data obtained directly from banks:
- Transaction history of the individual or FOP account (date, transaction type, amount and currency);
- Important information regarding the account (account number, date of opening, account balances, turnovers);
- Personal information about the account owner (full name, TIN, phone number, e-mail - depending on the bank).
Typing of clients.
The second important advantage Wurmie offers is its own expert transaction analytics divided into 37 major categories and client typing.
This technology, which uses machine learning, significantly exceeds the efficiency of financial companies' own developments, because it is developed on the basis of analyzing as much data as possible on the transactions of clients of different banks.
Wurmie solutions are successfully implemented in financial institutions as a basis for analytical processes and tools to support anti-fraud, identity identification and credit risk assessment processes. The service is extremely effective in detecting risky behavior, income and expense trends, credit exposure and more.
Over several years of work in Ukraine and Poland the analysts of the service have collected the most complete information concerning financial behavior of users living in these countries.
Wurmie ensures reliability and security of client data, and is available for connection and use without integration into the partner's CRM system.