TransUnion Selects Provenir to Deliver AI-Powered Risk Decisioning to Clients

Rhea-AI Summary

Provenir has been selected to join TransUnion's Strategic Alliance Distribution Program, enabling TransUnion clients to leverage Provenir's AI-driven decisioning platform. This partnership enhances decisioning speed and accuracy by integrating TransUnion's data into Provenir's solutions. As consumer expectations shift towards instant, personalized financial services, the alliance addresses the challenge of increasing fraud losses, which reached $56 billion in 2020. The Provenir platform offers flexibility and scalability, helping organizations implement AI solutions efficiently.

Positive

• Partnership enhances decision-making speed and accuracy for TransUnion clients.
• Provenir's platform offers scalability and flexibility, allowing for efficient AI integration.
• $56 billion in fraud losses in 2020 highlights demand for improved risk decisioning technologies.

Negative

• None.

Provenir’s data-fueled and AI-driven decisioning platform improves accuracy and enhances customers’ experience

PARSIPPANY, N.J.--(BUSINESS WIRE)-- Provenir, a global leader in AI-powered risk decisioning software, today announced it has been selected to join TransUnion’s Strategic Alliance Distribution Program. Through this alliance, TransUnion clients will be able to take advantage of Provenir’s industry-leading platform to gain deeper insights from more data sources to power a new level of decisioning speed and accuracy.

The way consumers interact with financial services products is changing, rapidly – consumers expect instant decisions, personalized offers and automated, digital experiences. Meanwhile, fraud losses hit $56 billion in 2020 and fraud attacks are only getting more sophisticated and widespread. To address these challenges, financial organizations are increasingly seeking technology that provides flexibility, scalability, access to new data sources and self-learning models.

Provenir provides the answer with its industry-leading AI-Powered Decisioning Platform that uniquely combines universal access to data, including TransUnion’s world-class data, simplified AI and sophisticated decisioning technology. This provides a cohesive risk ecosystem to enable smarter decisions across the entire customer lifecycle – with diverse data for deeper insights, auto-optimized decisions, and a continuous feedback loop for constant improvement.

“Provenir is a valued long-term business partner,” said Aaron Smith, TransUnion Vice President of Global Platform Partnerships. “Now our customers can leverage TransUnion data in more ways as it is integrated within the Provenir platform. Backed by a strong commitment to R&D and ongoing product development, Provenir offers the flexibility and scalability our clients say they need to respond quickly to changing market conditions and to support rapid growth.”

“We’re excited to expand our relationship with TransUnion and help clients of all sizes and complexity benefit from our AI-powered platform,” said Kathy Stares, Executive Vice President, North America for Provenir. “While organizations may understand the transformative power of AI-enabled risk decisioning, they often struggle with mounting the resources needed to develop, deploy and maintain AI initiatives. Our platform does this for them, eliminating high development costs and resources, enabling organizations to recognize ROI often within at little as 60 days.”

About Provenir

Provenir helps fintechs and financial services providers make smarter decisions faster with our AI-Powered Risk Decisioning Platform.

Provenir brings together the three essential components needed – data, AI and decisioning – into one unified risk decisioning solution to help organizations provide world-class consumer experiences. This unique offering gives organizations the ability to power decisioning innovation across the full customer lifecycle, driving improvements in the customer experience, access to financial services, business agility, and more.

Provenir works with disruptive financial services organizations in more than 50 countries and processes more than 3 billion transactions annually.

About TransUnion (NYSE:TRU)

TransUnion is a global information and insights company that makes trust possible in the modern economy. We do this by providing an actionable picture of each person so they can be reliably represented in the marketplace. As a result, businesses and consumers can transact with confidence and achieve great things. We call this Information for Good.^® A leading presence in more than 30 countries across five continents, TransUnion provides solutions that help create economic opportunity, great experiences and personal empowerment for hundreds of millions of people.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220411005809/en/

Kelly Poffenberger

Lutz Public Relations and Marketing (for Provenir)

kelly@lutzpr.com

714-553-9071

Dave Blumberg, Senior Director of Public Relations, U.S. & International

TransUnion

David.Blumberg@transunion.com

312-985-3059

Source: Provenir

FAQ

What is the significance of the partnership between Provenir and TransUnion for TRU?

The partnership allows TransUnion clients to leverage Provenir's AI platform for improved decisioning speed and accuracy, addressing consumer demand for quick financial services.

How does Provenir's platform help organizations within the financial services industry?

Provenir's platform integrates multiple data sources and AI technology, enabling organizations to make smarter, faster risk decisions while managing costs effectively.

What challenges in the financial industry does the Provenir and TransUnion partnership address?

The partnership addresses increasing fraud losses, which reached $56 billion in 2020, by providing enhanced decisioning capabilities through AI technology.

How does the AI-powered platform benefit clients in terms of ROI?

Clients can recognize ROI within as little as 60 days by utilizing Provenir's platform, which eliminates high development costs associated with AI initiatives.