Faire.AI aims to be accessible and scalable: the first API of its Tech Platform is live

Faire.Ai helps banks, fintechs and financial institutions analyze users’ personal and transactional data. They offer a new model for the evaluation of creditworthiness that is instant, inclusive, and innovative. Less than a year after its creation, Faire.Ai published the first API of its platform on its website, making it accessible and testable to all current and future partners

“Today is an important day for us. We always aimed to make our Platform accessible to everyone since the day we started. Now, we have taken a fundamental step towards the scalability of the solution. From now on, all of our partners will be able to independently evaluate our KPIs calculation engine and credit scoring enhanced by AI and Machine learning. I’m very proud of what we’ve accomplished. The whole development team, led by Gilberto Taccari, did an exceptional job.” said Gianluigi Davassi, CEO of Faire.Ai.

The Faire.Ai Platform allows the calculation of over 100 indicators (KPIs) on the personal and transactional data of retail customers. Through these it is possible to evaluate metrics useful for assessing a customer’s ability to support and payback a loan. Such as: the origin of their income, spending habits, level of debt, and their ability to save.

The typical use case scenarios are banks that want to analyze their customer base transactions, in order to upsell or cross-sell one of their financial products (e.g., credit cards), or financial institutions that use KPIs to assess the eligibility of customers applying for a loan.

“Thanks to the effort of all our team, we reached a milestone that we had been working on for a long time. With the launch of the API, we want to enable our partners to explore the features that our analytics solution offers.” said Gilberto Taccari, a PhD-enriched software engineer with experience in the financial industry, and currently Head of Technology at Faire.Ai. He also added: “We were born with open banking in mind; we want to grow embracing the philosophy of open finance.”

Faire.Ai released the first set of APIs into production, placing itself at the forefront as usual. The whole development approach was to imagine the API not as an information communication middleware but as a real product. 

Cristina Bonacina, Head of Product at Faire.Ai, tells us that: “Each API has been designed and built to simplify and bring value to the banks, fintechs, or financial institutions. This is the classic approach used when thinking about B2C products: we analyze the needs of a group of users and create the most suitable product for their needs.

“We have applied this same approach to the B2B world of technology where our customers are the financial partners looking for new innovative solutions. We have gone from a customer-oriented approach to a partner oriented one. Hoping to make the message even clearer: every API for us is a product feature whose development is managed as such. In this sense, we’d like to receive feedback from players interested in testing our APIs, not only to improve them, but also to create an evolutionary roadmap of our platform.”

This approach will boost the growth of Faire.Ai. The development of APIs enables lean integrations with partners and accelerates the scalability and adoption of the solution.

Any partner can use KPIs and risk scoring simply by calling the Faire.Ai API. In this first phase, each developer will be able to go and view the documentation on the Faire.Ai website. To test it will be necessary to send a contact email but soon this step will no longer be necessary as it will be possible to access an ad hoc test environment.

In the second half of the year, Faire.Ai also plans to release the remaining part of the API that will allow Partners to manage their lending products and instant approval and disbursement.