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FICO announced that Artelys has created the TERRE market platform, enhancing the activation of electricity reserves for nine European Transmission System Operators (TSOs). This groundbreaking platform will improve the balancing of power systems for over 300 million people while ensuring security of supply. Powered by FICO Xpress Optimization, the platform can evaluate up to 500,000 bids in under three minutes. Artelys has won the ESG Champion award in the 2023 FICO Decisions Awards for its innovative approach to energy management. The TERRE platform is vital for the future energy landscape, particularly with rising renewable energy sources, as it enables efficient real-time adjustments in power generation and demand.

FICO (NYSE: FICO) has secured 12 new patents focusing on AI, digital decisioning, and blockchain model governance. With a total of 213 active patents and 80 pending applications, FICO reinforces its leadership in operationalizing AI technologies. The patents feature innovations like fraud detection, data governance, and personalized offers generation. According to Scott Zoldi, FICO's Chief Analytics Officer, these advancements enhance responsible AI capabilities, benefiting businesses worldwide.

Recent data from FICO reveals a nuanced landscape for UK consumers' credit behavior as of January 2023. While retail sales experienced a slight uptick and inflation showed signs of easing, a significant rise of 13.6% in accounts with two missed payments raises concerns for lenders. The average balance of accounts facing two missed payments decreased by 1.9%. Overall, the average credit card balance dropped by 0.6% to £1,650. The month saw a 0.7% decline in accounts missing one payment, suggesting a complex recovery post-holidays amidst ongoing economic challenges.

FICO and Array have entered a multi-year agreement to integrate FICO^® Scores into Array's financial management platform. This partnership aims to enhance consumer access to crucial credit information, aiding financial planning for home mortgages, car loans, and credit cards.

The integration will leverage data from major credit bureaus in the U.S., allowing over 90% of top lenders to offer FICO^® Scores. According to Juniper Research, embedded financial services revenue is projected to surge from nearly $65 billion in 2022 to over $183 billion by 2027, indicating strong market growth potential for this collaboration.

FICO (NYSE: FICO) has partnered with goPeer, a Canadian peer-to-peer lending platform, to provide Canadian consumers free access to their FICO® Scores through the FICO® Score Open Access program. This initiative aims to enhance financial transparency and education among borrowers by helping them understand their credit risk. With 90% of top Canadian lenders using FICO Scores, this collaboration is significant for improving financial literacy and decision-making for Canadian consumers. The program is part of a larger initiative by FICO and goPeer to elevate credit education and empower borrowers.

FICO (NYSE:FICO) will have its CEO, Will Lansing, present at the Morgan Stanley Technology, Media & Telecom Conference on March 8, 2023, at 8:00 am PST in San Francisco, CA. The presentation can be viewed live on FICO's investor website until September 4, 2023. Founded in 1956, FICO is a leader in predictive analytics and decision management, holding over 200 patents that enhance profitability and customer satisfaction across various industries. FICO's technologies protect billions of payment cards from fraud and assist in optimizing operations globally.

The latest report from FICO reveals significant trends in UK credit card usage for December 2022, amid rising inflation. Average credit card spending surged to £825, a 9% increase from November, while average balances rose by 5% to £1,660. However, the report highlights a troubling trend: the number of cardholders missing one payment surged by 19%. The percentage of accounts with two and three missed payments rose by 19% and 20% year-on-year, respectively. As financial institutions prepare for the FCA's Consumer Duty regulations effective July 31, 2023, the pressure on lenders intensifies, and strategies for contacting customers will become increasingly crucial.

Parachute, a prominent start-up lender, is the first in Canada to implement FICO® Score 10 through the FICO® Score Open Access program. This initiative empowers customers by granting free access to their FICO® Scores, which are utilized by 90% of Canadian lenders. The program aims to enhance consumer understanding of credit scores, fostering financial literacy and transparency. Parachute's approach combines behavioral science with a holistic lending strategy to support customers in achieving their financial goals.