American Express – Enigma Technologies and Verisk Financial Collaborate to Provide Insights into Small Business Financial Health, Offering Lenders Clarity
NEW YORK, Feb. 1, 2021 /PRNewswire/ — Enigma Technologies, a data science company that collects and analyzes information on the health and identity of every U.S. business, announces a strategic collaboration with Verisk Financial, a Verisk company relied upon by leading financial institutions, payments providers, and retailers around the globe.
During this year-long pandemic, lenders have been struggling to assess small business financial health and, lacking clear information, rejected eight out of ten loan applications from small businesses. Through the Verisk collaboration, Enigma is launching a new solution that allows clients to see and understand how small business revenues are trending in near real-time. Combining these revenue trends with Enigma’s proprietary entity resolution and machine learning techniques provides actionable estimates about the financial health of more than 20 million small businesses.
As part of the collaboration, Enigma joins a consortium of banks, payments processors, and financial institutions to provide trustworthy intelligence about a small business’s financial health. Now Enigma can provide even deeper insights into which businesses and sectors of the economy are struggling and which ones are growing.
Hicham Oudghiri, CEO of Enigma commented: “Small businesses are fighting for their survival following a year of unprecedented challenges. These businesses are making investments to adapt to our new reality, yet they still struggle to access credit. Enigma is committed to addressing this data gap and providing the transparency needed for financial institutions to better serve the small business community.”
As a result of this collaboration, Enigma is launching a new Merchant Revenue Trends product, with exclusive access to revenue growth trends, transaction volumes and customer concentration at more than 20 million businesses. These insights enable risk, underwriting, and marketing teams at financial institutions to better segment and serve small businesses.
“More timely small business health metrics have long been a need in small business financial services,” said Lisa Bonalle-Hannan, President of Verisk Financial, “We are excited that Verisk’s insights and Enigma’s business identity resolution technology make this solution possible.”
Enigma’s products allow customers to gather data about every business in a rapidly changing world, to discover quarterly trends in business bankruptcies, closing and layoffs, and to see which businesses and industries have positive growth signals.
Enigma Technologies (www.enigma.com)
Enigma Technologies, a New York-based data science company, is building the future of small business intelligence. Enigma provides timely, accurate insights on the identity, activity, and risk profile of every small business. From evaluating insurance risk to fraud prevention, Enigma helps businesses better serve their SMB customers. Leading organizations, including American Express, Truist, and PayPal, depend on Enigma to power the daily decisions that matter.
Verisk (Nasdaq:VRSK) provides predictive analytics and decision support solutions to customers in the insurance, energy and specialized markets, and financial services industries. More than 70 percent of the FORTUNE 100 relies on the company’s advanced technologies to manage risks, make better decisions and improve operating efficiency. The company’s analytic solutions address insurance underwriting and claims, fraud, regulatory compliance, natural resources, catastrophes, economic forecasting, geopolitical risks, as well as environmental, social and governance (ESG) matters. Celebrating its 50th anniversary, the company continues to make the world better, safer and stronger, and fosters an inclusive and diverse culture where all team members feel they belong. With more than 100 offices in nearly 35 countries, Verisk consistently earns Great Place to Work certification. For more: Verisk.com, LinkedIn, Twitter, Facebook and YouTube.
SOURCE Enigma Technologies, Inc.
Tag: American Express