MELBOURNE, Australia, Sept. 24, 2020 /PRNewswire/ -- InfraRisk Pty Ltd. (InfraRisk), a leading fintech solutions provider specializing in digital lending solutions, today announced that it has partnered with Janko Loans Pty Ltd. (Janko) to launch a new-generation online lending platform. The platform leverages InfraRisk's end-to-end and modularized digital lending capabilities to offer unsecured loans quickly and efficiently in Australia.
Janko is an Australian Credit License holder based in Brisbane that aims to serve primarily the underbanked population with advanced technologies and boost financial inclusion in Australia.
Statistics show there are around 3 million people in Australia who do not have access to credit products from traditional financial institutions. These people are unserved or underserved because traditional lenders find their credit needs for small amounts unattractive due to the high origination or servicing costs.
With a streamlined process and integrations to automate KYC, bank statement analysis, and real-time payments, Janko's newly launched platform helps deliver loans efficiently, easily, and instantly, while staying compliant to regulations.
Nicholas Davies, founder and CEO of InfraRisk, said, "We are looking forward to the application of our digital lending platform in Australia and applying the world's best practice in automation and AI-driven risk models to create a fair and effective lending solution for this segment of the market."
The technology platform itself can also be used to power Buy Now Pay Later products. In September 2019, Roy Morgan found 1.95 million Aussies (or one in 10) had used at least one BNPL service – such as Afterpay or Zip, up 41.3% from a year ago. "The platform technology from InfraRisk used by Janko is prime to help financial institutions set up similar service capabilities and join this increasing consumer trend," Nic continued.
The complete functionality in InfraRisk's digital lending solution enables a highly automated lending process that delivers the world's best operational efficiency. With the introduction of Open Banking in Australia, the company's extensive experience in applying big data analytics, artificial intelligence, machine learning, and anti-fraud algorithms ensures InfraRisk's lending solutions are able to determine an applicant's credit quality and disburse loans within seconds while meeting strict regulatory guidelines and applying responsible lending practices.
InfraRisk enables Janko to manage the whole life cycle of lending, from loan origination to loan collection, to be fully automated and delivered through digital channels, which significantly improves the efficiency and effectiveness of the lender's online businesses.
"The Consumer Data Right Act has served as the foundation for open banking in Australia," said Mr. Davies. "With user's authorization, we can now obtain bank transaction data relating to credit and debit cards, deposit accounts and transaction accounts, which is critical for credit assessment and risk management in real-time digital lending."
Incorporated in November 2008 and headquartered in Melbourne, InfraRisk has over 10 years of experience in providing financial technologies to banks and financial institutions in Australia, Europe, China and across the Asia Pacific.