YouScore, an API service for banking and other financial institutions that defines a counterparty’s portrait, became the winner of the Open Banking Lab incubation program. The results of the program were announced on March 21 during its final event – Demo Day.
The project which will receive further support and funding in the amount of 10 thousand dollars was chosen among eight finalists of the December hackathon. For four months the participants together with the mentors had been working to improve their ideas in accordance with the needs of the market. In the end, the project of the company YouControl, the new service YouScore, became the winner.
“We believe that this is the most useful offer for the bank. YouScore has yet to be finalized, but we see a prospect in it, a good team, we are sure of the result. This product will be beneficial for the banking market in general, for which we are striving to set new standards,” Tamas Hak-Kovacs, Chairman of the Board of the OTP-Bank and mentor of the YouScore project, sums up.
The Open Banking Lab program aims to support startups that develop products on the basis of open bank data. It was organized by the 1991 Open Data Incubator in partnership with the OTP-Bank and the National Bank of Ukraine.
“Open Banking Lab is the first program of such kind. It is very important for Ukraine as it provides a platform for cooperation between banks and startups. Our expectations about this program were satisfied, as it helped raise a wave of interest and the demand of the banking market for new solutions”, Denys Hurskyi, the founder of the 1991 Open Data Incubator, said.
“YouScore can change the situation in the banking sector in general. Among other things, the product will help strengthen the financial stability of banks, prevent the use of financial instruments of fraudsters and corruptionists,” Sergi Milman, CEO of the company YouControl, is sure.
Let us remind you that earlier YouScore became a finalist of another incubation program – FinTech Master. It was focused on helping technology startups that develop financial and socio-economic innovation services on the basis of open data of financial institutions. The organizer of the program also was the 1991 Open Data Incubator, and the main partners of the program were the company Mastercard and the National Bank of Ukraine.
Reference: YouScore is an automatic scoring system for determining reliability and assessment of company potential. The system consists of separate modules which are based on up-to-date data from the state registers of Ukraine and on analytical algorithms. Among them there are: FinScore (financial stability), MarketScore (market power), ComplianceScore (risk assessment, in the process of development). With the help of the API service the modules transmit the information collected by the system to the operating systems of the bank, with which employees are accustomed to work.