FICO launches Marketplace to link firms with AI data partners

FICO has announced the launch of FICO Marketplace, a digital platform designed to connect enterprises with data and analytics providers to enable the development of AI-powered decision-making and operational solutions.

The newly launched Marketplace offers a range of services, including access to third-party data, AI models, optimisation tools, decision rulesets and machine learning models. FICO states that these resources are intended to support enterprise business outcomes derived from artificial intelligence applications.

Nikhil Behl, President, Software, FICO, said during his keynote, "Imagine having access to explore, experiment and immediately deploy a rich set of third-party data that provides unparalleled insight and predictive value."

He continued, "Innovation doesn't happen in isolation and our new FICO Marketplace will facilitate the type of collaboration across the industry that drives the next generation of intelligent solutions."

FICO Marketplace has been designed for use with the FICO Platform, where clients are expected to be able to access, validate and integrate new data sources in half the time compared to previous processes. The platform employs an open API architecture, enabling the integration of decision assets, data services, software agents and third-party solutions for a range of use cases, such as customer management, fraud detection, credit originations and marketing.

According to FICO, the Marketplace aims to break down silos within organisations by allowing the reuse of decision agents across multiple departments. The platform is also intended to help enterprises gain a more comprehensive view of their customers and to foster the development of new analytic solutions through collaboration within a broader ecosystem.

The first group of providers to join the Marketplace includes iPacket, LexisNexis Risk Solutions, Mitek, Plaid, Prove Identity and SentiLink. Each partner brings specific expertise and services to the platform.

iPacket specialises in providing digital sales and vehicle verification solutions to automotive dealerships, offering real-time vehicle valuation and verification through integrations with vehicle manufacturers.

LexisNexis Risk Solutions delivers technologies, analytics and decisioning tools to help clients address business challenges such as compliance and risk management.

Mitek offers identity verification technologies aimed at making digital access more secure and efficient for businesses and consumers.

Plaid is known for its data network that facilitates fintech applications, enabling companies to build services in areas like credit, payments and identity experiences through connections to thousands of financial institutions.

Prove Identity supplies identity verification and authentication services focused on providing secure but frictionless digital experiences for businesses and customers.

SentiLink provides identity verification and fraud prevention technologies, combining machine learning and risk analyst expertise to detect fraud and assist a range of clients such as banks and credit unions.

FICO reports that Marketplace partners benefit from exposure to its customer base, the potential for monetising proprietary decision assets, and opportunities to co-develop solutions within the Marketplace ecosystem.

Naftali Harris, Chief Executive Officer and co-founder, SentiLink, said, "Being part of the FICO Marketplace makes it easier than ever for organizations to access SentiLink's identity verification and fraud capabilities. With seamless integration into their existing decisioning workflows, FICO Platform customers can reduce fraud while confidently onboarding more good applicants."

Brian Thomas, Director of Alliance Partnerships at LexisNexis Risk Solutions, commented, "We are thrilled to be one of the first firms to join the FICO Marketplace. Between FICO's decades of experience with advanced analytics and AI and machine learning, we are confident that LexisNexis' participation in FICO Marketplace will accelerate innovation industry-wide."

Chris Briggs, Mitek Systems Chief Product Officer, said, "Mitek's partnership with FICO will help the world's largest companies detect and prevent AI-generated attacks faster and with more accuracy, making all digital interactions more secure."

FICO Platform clients now have access to a variety of decision assets from the initial set of approved third-party providers, with the ability to address a range of business requirements associated with AI and advanced analytics.