Open Finance Africa

Introducing Payment Score API - designed to standardize credit scoring in Africa and beyond 🚀 
This API aims to revolutionize the way financial institutions and lenders assess the creditworthiness of individuals and businesses. 
Banks already have siloed account data (debits and credits) but lack information about external payment schedules (e.g. if a rent payment was late or not). Additionally, the process of determining creditworthiness has not been transparent. 
The goal of this API is to enable financial institutions and lenders (or anyone!) to make more informed lending decisions. With access to accurate credit scores, lenders can better assess the risk associated with lending to a particular individual or business, ultimately leading to more responsible lending practices and reduced default rates. 
The first version of this API is hopefully just the tip of the iceberg. It simply ingests payment terms and history, and then outputs a score. 
For detailed information on how this is done, visit the Github page on https://github.com/openfinanceafrica/scoreapi
We invite all interested parties to try our API and contribute to its ongoing development. By working together, we can create a standardized and transparent credit scoring system that benefits both lenders and borrowers alike!

API Reference

/score

Open Finance Africa / Payment Score API

Introducing Payment Score API - designed to standardize credit scoring in Africa and beyond 🚀 


This API aims to revolutionize the way financial institutions and lenders assess the creditworthiness of individuals and businesses.


Banks already have siloed account data (debits and credits) but lack information about external payment schedules (e.g. if a rent payment was late or not). Additionally, the process of determining creditworthiness has not been transparent. 


The goal of this API is to enable financial institutions and lenders (or anyone!) to make more informed lending decisions. With access to accurate credit scores, lenders can better assess the risk associated with lending to a particular individual or business, ultimately leading to more responsible lending practices and reduced default rates. 


The first version of this API is hopefully just the tip of the iceberg. It simply ingests payment terms and history, and then outputs a score. 


For detailed information on how this is done, visit the Github page on https://github.com/openfinanceafrica/scoreapi
We invite all interested parties to try our API and contribute to its ongoing development. By working together, we can create a standardized and transparent credit scoring system that benefits both lenders and borrowers alike!

The date that the payments are supposted to start. The format should be full-date as defined by "RFC 3339, section 5.6" (https://tools.ietf.org/html/rfc3339#section-5.6). While the format used is a full date (with time included), only the day, month, and year are relevant. E.g. if the start date is January 1st 2023, payments are expected to start anytime within that day.

paymentStartDate

The date that the payments are supposted to end. The format should be full-date as defined by "RFC 3339, section 5.6" (https://tools.ietf.org/html/rfc3339#section-5.6). While the format used is a full date (with time included), only the day, month, and year are relevant. E.g. if the end date is December 1st 2024, payments are expected to end within that day.

paymentEndDate

The expected day of the month that the payments are supposed to be made. E.g. "1" if the payments are supposed to be made every 1st of the month

expectedPaymentDay

expectedPaymentAmount

payments

Not currently used. In future this will be an optional field to send a custom identifier that can be used to query previous API calls

reference

If this is false, and the payment start date is before the current date, no score will be returned. Set this to true if you want to override this behavior

scoreBeforeStartDate

The overall Payment Score. The range is between 0 and 1 (with 1 being an excellent score)

overallScore

This number represents the longest continous on-time (fully paid) number of payments. E.g. if on-time payments were made 5 months in a row, this number will be 5

paidStreak

This number represents the longest continous overdue number of payments. E.g. if payments were overdue for 2 months in a row, this number will be 2

overDueStreak

scoredMonths

The total remaining balance based on payment history and the amount expected to have been paid. This can be a negative number if money is owed or a positive number in cases of overpayment

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