“As algorithms take greater control of decision-making, smart lenders are seeking ways to maximize the profits generated by their models while simultaneously increasing the fairness of their decisions,” said Kareem Saleh, co-founder and CEO of FairPlay.
LOS ANGELES (PRWEB) January 18, 2023
FairPlay, the world’s first Fairness-as-a-Service™ solution, is announcing a new partnership with TrueNorth, a global financial services software development company. As a result of the partnership, TrueNorth can now embed FairPlay’s “fairness-as-a-service” products by easily integrating fair lending technology into their custom solutions.
“As algorithms take greater control of decision-making, smart lenders are seeking ways to maximize the profits generated by their models while simultaneously increasing the fairness of their decisions,” said Kareem Saleh, co-founder and CEO of FairPlay. “Our fair lending solutions identify best loan options for lenders and increase the fairness of their portfolios — all without increasing risk. We’re excited to partner with TrueNorth because they work so closely with financial services institutions who recognize the economic, regulatory and reputational benefits of innovative underwriting solutions.”
Founded in 2020, FairPlay works with financial institutions, lenders, insurance carriers, marketers and others to identify blind spots in their algorithms and provide second looks to improve decisioning systems. The company’s products are specifically designed to safely increase approval rates, keep pace with ever-evolving regulatory requirements, and to enhance customer satisfaction.
TrueNorth engineers a modern customer experience for clients' unique front end, core and backend requirements, leading and managing the entire digital transformation journey for its customers from consultation to execution. Through this partnership, TrueNorth will be able to integrate FairPlay’s Fairness-as-a-Service solutions, building them into their custom software development solutions, while ensuring compliance and increasing loan approval rates. These solutions include:
- FairPlay’s Second Look Credit Underwriting module
- FairPlay’s Model Optimizer
- FairPlay’s fair lending testing and reporting
“Regulation and compliance is a growing area of concern for our clients,” said Alex Gonikman, CEO of TrueNorth. “FairPlay’s products can easily be integrated into our clients’ decision-making solutions, elevating fairness as a profit-driver in financial services. We’re excited to partner with FairPlay to offer fair lending products to our clients for the first time.”
For more information about FairPlay, visit FairPlay.ai. For more information about TrueNorth and how to work with them for custom software development, visit TrueNorth.co.
About FairPlay AI
FairPlay AI is the world’s first “fairness-as-a-service” solution helping organizations address algorithmic bias to improve revenues, keep pace with regulations, and enhance reputations — all without increasing risk. Built by some of the world’s foreknown leaders in AI, FairPlay’s technology serves financial institutions, lenders, insurance carriers, marketers and others, identifying blind spots in their algorithms and providing automated second looks to improve decisioning systems. FairPlay’s tools help lenders identify more good loans and increase the fairness of their portfolios, all without increasing risk. For more information about FairPlay and its products, visit FairPlay.ai.
TrueNorth.co is one of the largest and most successful financial services software development companies in the world having built three fintech unicorns from scratch–Upgrade, LendingClub, and Dianrong. The company specializes in building digital solutions, including 45 original enterprises, 120 digital transformations and 40 product revamps. TrueNorth's unique Team Captain client-focused process enables its most senior engineers to navigate and apply the latest technologies to develop and integrate cutting-edge digital solutions for neobanks, payment platforms, lending firms, banks, credit unions, and asset management firms. CEO Alex Gonikman, a veteran software architect, leads a staff of more than 200 employees from the company's headquarters in New York City, development centers across the globe, and strategic offices across the U.S. To learn more, visit truenorth.co.