Experian's fraud prevention and alternative data solutions are now being integrated by PayLaterr.

PayLaterr, a leading buy now, pay later (BNPL) lender, is teaming up with Experian, the global information services company, to improve its fraud prevention capabilities and expand consumers' access to smarter budgeting tools.

The integration, set to be rolled out to all users by Autumn this year, will enable safer transactions and help more consumers manage their money with confidence. Akeem Egbeyemi, the CEO of PayLaterr, acknowledged this partnership as a major step forward in PayLaterr's goal to help people take control of their financial lives.

Shelleyanne Rein, the vice president of partnerships at Experian, will spearhead the collaboration. The partnership aims to empower a broader customer base with smarter budgeting insights by combining Experian's fraud prevention and alternative data capabilities.

The collaboration will utilise non-traditional data points such as utility payments, rental history, and subscription behaviour to provide a more comprehensive view of a user's financial situation. This will enable consumers to make more informed budgeting decisions and expand financial access to credit-invisible populations.

PayLaterr's integration with Experian will also involve the use of Experian's identity and behavioural analytics to protect the platform from fraud. Experian is supporting PayLaterr's commitment to financial inclusion by enabling the BNPL lender to use these non-traditional data points.

The partnership between Experian and PayLaterr is expected to expand consumers' access to smarter budgeting tools and help them manage their money more effectively. The integration is currently underway, and while a specific date for the full availability to all users has not been announced, it is anticipated that the service will be accessible by Autumn this year.

This partnership marks an exciting development in the buy now, pay later industry, as it demonstrates a growing commitment to financial inclusion and smarter budgeting tools for consumers.

Experian's fraud prevention and alternative data solutions are now being integrated by PayLaterr.