" class="no-js "lang="en-US"> Quota Chooses Nordigen As Their Open Banking Provider, Enriching Their Screening And Scoring Algorithms - Fintech Finance
Saturday, October 01, 2022

Quota Chooses Nordigen As Their Open Banking Provider, Enriching Their Screening And Scoring Algorithms

Quota has tapped into Nordigen’s open banking network, improving their client screening and scoring mechanism. Madrid-based Quota is a property management company focused on bringing transparency, protection, and speed to the rental process.

Two of the solutions they offer are QuotaScore and QuotaProtect. QuotaScore is a digital certificate for tenants which gathers and verifies their financial information, increasing their credibility and offering landlords data transparency and improved security. QuotaProtect guarantees two layers of protection through a three-month rent guarantee and by providing insurance to the property, eliminating the need for a cash deposit system.

Together, these solutions allow tenants to reduce their financial barriers by offering additional information and alternative guarantees. Landlords can rent their homes with more protection, and real estate professionals save time by screening tenants faster. The Nordigen integration allows renters to quickly and securely share their banking information, and it enhances Quotas’ screening and scoring services.

“We are using Nordigen’s open banking tools to enrich the information we have about tenants, including some of their financial insights. With a wide bank coverage in Spain and Europe, close to 95%, most clients can select open banking as their preferred method to validate their information, and thus we gain access to this detailed source of data, which we will use to further improve our models and scoring algorithms. The API calls were quickly adopted by our tech team to extract the data from tenants, with clear and detailed documentation. Thanks to the regular updates implemented by Nordigen, we are able to gain access to new banks and improvements continuously. Relying on such a stable system, we don’t have to worry about anything. We are glad to be working with them and grateful for the flexibility regarding the use of free and premium products, which make up an outstanding alternative compared to other competitors,” explains Jesús Ramos, Chief Product Officer from Quota.

“We are happy that Quota chose us as their open banking provider. They offer a great service that makes renting easier for landlords and agents while removing financial barriers for tenants. Open banking provides opportunities to democratise finance and we are delighted that we can help Quota streamline their service,” says Rolands Mesters, co-founder and CEO of Nordigen.

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