TUSSPL, which is a wholly owned subsidiary of TransUnion LLC, provides electronic application approval and identity and verification solutions to credit institutions in India, enabling faster and easier disbursal of credit to individuals and companies across the country. It will use the Apriori database for verification purposes and to establish age and identity information provided by credit applicants, most of whom are “unbanked,” meaning they do not have accounts at banks or other financial institutions.
“Apriori is delighted to partner with TUSSPL and make its database available for identity and verification purposes,” said Igor Kyrylenko, President of Apriori.
“TUSSPL is committed to provide India’s credit Industry with world-class content, insights, products and solutions for growing business profitably while driving credit penetration and financial inclusion. By partnering with Apriori, we are further able to enrich our content with Apriori database that shall help strengthen our insights, products and solutions to support our members on customer acquisition in the unbanked segment and help process loan applications efficiently and quickly,” added Shaleen Srivastava, Head of Solutions and Alternate Data at TransUnion.
In India, Apriori acquires and updates over one billion records annually. Apriori hosts records for nearly 100% of India’s adult population.
“In addition to using Aadhaar, companies turn to other publicly available data repositories,” Kyrylenko noted. “It is our goal to promote the financial inclusion and financial empowerment of unbanked populations in emerging economies. Financial companies are eager to serve these customers, but verifying their identities can be challenging. TUSSPL’s verification services, powered by Apriori’s data, enable financial companies to offer much-needed services to underserved customers in India.”
Apriori is an international data aggregator. Apriori collects and processes billions of records internationally every year in dozens of languages and hundreds of formats. Apriori works with credit bureaus, financial institutions, and e-commerce companies and makes its data available for identity verification and other purposes. For more information on Apriori, visit the company’s website at www.aprioridata.com.