FairPlay and Upgrade Join Hands To Ensure Fairness In Lending By CIOTechOutlook Team

FairPlay and Upgrade Join Hands To Ensure Fairness In Lending

CIOTechOutlook Team | Monday, 29 January 2024, 12:26 IST

FairPlay, the world's most memorable Reasonableness as-a-Service organization, is declaring another client relationship with Update, a fintech organization that offers reasonable and capable credit, portable banking and installment items to standard purchasers.

Founded in 2020, FairPlay works with financial services companies to provide customizable real-time fairness testing and 24/7 monitoring solutions designed to drive growth, reduce risk, and keep pace with ever-evolving regulatory requirements.

Upgrade plans to use FairPlay solutions to test, monitor, and improve the fairness of its underwriting, increasing positive outcomes for consumers across its credit products, as per Fairplay.

"In an environment where rapid adjustments in credit strategy are necessary, we're eager to bolster our ability to assess the fairness of data sources and models in real-time and perspectively," said Thomas Curran, Chief Risk and Compliance Officer at Upgrade. "FairPlay provides compliance efficiency as a competitive advantage—and we are thrilled to embed its Fairness-as-as-Service solutions at Upgrade."

"Lenders are most effective when their fairness compliance is rigorous and fast," said Kareem Saleh, founder and CEO of FairPlay. "Upgrade has consistently captured opportunities presented by machine learning, and automation and is consequently diligent about their fair lending compliance. FairPlay is thrilled to work with Upgrade to continue to improve its lending practices."