October 15, 2015
Small and online lenders and service providers now have enterprise-strength fraud and credit risk analytics with XOR Small Business Data Exchange
AUSTIN, TX – Oct. 13, 2015 – XOR Data Exchange (XOR), a data analytics company that creates permission-based data exchanges, today announced online accessibility for its Small Business Data Exchange. The XOR Small Business Data Exchange facilitates the sharing of proprietary data about even the smallest of small businesses to help financial services institutions, telecommunications providers, marketplace lenders, and others re-duce fraud and credit risk while complying with Know Your Customer (KYC) regulatory requirements.
“With one third of small businesses failing within two years1 and as many as 11 percent concerned with being victims of business identity theft2, lenders need better credit risk and fraud data before opening new accounts,” said Mike Cook, the CEO and founder of XOR. “The XOR Small Business Data Exchange makes it easy and affordable for smaller lenders to gain access to expansive data to gain powerful fraud management, credit risk management, and compliance insight.”
XOR data exchanges enable companies to participate in cross-industry fraud, credit, compliance and marketing efforts while maintaining ownership and control over their cus-tomers’ data. In return for sharing their customers’ data, exchange members get access to valuable information from other members to help better identify fraud and credit risks in, for example, new small business account openings.
The new web page www.xor.exchange/smallbusiness enables organizations to quickly set up accounts and request reports for fraud, risk and KYC data related to their small business applicants. Once an organization has set up an account, they receive an API key that can be used to submit requests for reports. With as little as a company name and physical address, the XOR Small Business Data Exchange can return a fraud score, a credit score, and attributes that can be used to satisfy many KYC requirements.
“Current data resources are inadequate for identifying small business credit risk and fraud. Today, we are launching web access to the online small business lending commu-nity at Lend360, in Atlanta,” added Cook. “This community will easily grasp the value of this data, which is proven to drive incremental lift in risk and fraud management, authen-tication, customer acquisition, and regulatory compliance.”
About XOR Data Exchange
XOR builds permission-based data exchanges that help companies solve enduring busi-ness challenges while maintaining complete ownership and control over the data they contribute. XOR offers exchange members an unprecedented level of control over how their data may be used, who is allowed access, and how much can be shared. In return for sharing their own data, exchange members get access to otherwise unobtainable da-tasets to help better identify risk, reduce fraud and engage potential customers with thin or nonexistent credit histories. To learn more, visit www.XOR.exchange.
1 Small Business Administration
2 Bank of the West Small Business Survey