Basic Requirements

AI Tools

Algoan Credit Decisioning solutions are based on Open Banking data. This page lists all required parameters defined in the Open Banking data to generate an analysis and details their significance.
Accounts

Here's a list of account parameters categorized as required and important .

Required Parameters

Properties	Reason
`balance`	We use this property to create the daily balances of the accounts included in the analysis.
`balanceDate`	Similar to the `balance`, this property is essential in the creation of the daily account balances.
`bank`	We require at least the `bank.name` field to detect duplicate accounts in the request using a combination of information.
`currency`	Our models rely on each country's local currency. Hence, this property ensures consistent and coherent results.
`type`	The account type is important in the detection of standard user behavior. For example, we require at least one `CHECKING` account to be present in order to create the analysis.
`usage`	Our algorithms can only accept personal accounts.

Important Parameters
While the following parameters aren't required to run an analysis, they remain important in refining various stages of the underwriting process.

Properties	Reason
`name`, `number` and `iban`	Essential for identifying redundancy in transaction data. For instance, when two accounts share identical account numbers, they're merged together to prevent incorrect risk assessments (such as double-counting salaries or rents).
`owner.name`	Enables validation of whether users have aggregated the accounts that belong to them. The `owner.name` is also crucial for detecting internal transfers.
`ownership`	Crucial for discerning if the account belong to an individual or a joint ownership (`HOLDER` vs `COHOLDER`). This helps in excluding unrelated accounts (custodian for minor, attorney, etc).

Transactions

A transaction represents a record of money moving in or out of an account.

Required Parameters

Properties	Reason
`currency`	Our models are created based on the local currency of each country. Therefore, this property is essential to avoid incoherent results.
`dates`	With the exception of `CHECKING` accounts, our API accepts either of the types of dates listed below.
`dates.debitedAt`	Transaction’s debit date. It's a required parameter for `CHECKING` accounts.
`dates.bookedAt`	Transaction's date when the payment took place.
`description`	Our algorithms require the transaction description for categorization.
`amount`	The amount is also important for our algorithms. Especially for the step called "clustering", which is the process of grouping transactions that have similar numerical values and further improve the categorization. Refer to the Categorization and Clustering page.

Optional parameters

These parameters are not required to generate an analysis. However, they can be useful in certain cases.

Properties	Reason
format	If you have integrated Powens, Linxo Connect or Tink on your side, you can create an analysis with their raw data. Please refer to the section Aggregator Raw Data for more information.
parameters	You can use this parameter to disable one of our our products (Score or Credit Insights) or use the balance date as reference date of the analysis.
All remaining properties	All remaining properties can be use purely for monitoring and tracking purposes.

Last updated on Oct 17, 2023

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