GeoComply and Teammates Win TechSprint “Jump Award” for Alternative Credit Rating Solution Empowering Small Business Owners
We are very pleased to announce that GeoComply, in collaboration with key teammates on Team Bill Pay It Forward, received the “Jump Award” at the recent Women’s Economic Empowerment TechSprint & Conference in the United States.
The award honors Bill Pay It Forward, a groundbreaking app that provides underserved consumers with a new way to tell their financial footprint story – rather than a traditional credit rating. Bill Pay It Forward uses alternative data sources like payment history, social media and geolocation data to calculate a rating that indicates financial stability.
GeoComply worked with teammates from Protiviti, Wells Fargo, Transamerica, Solem Risk Partners, the Federal Trade Commission and others to develop a working prototype of the app. The “Jump Award” recognizes the prototype as having the most potential to transform and modernize the financial industry.
The TechSprint was a collaboration between the Alliance for Innovative Regulation (AIR) and the UK’s Financial Conduct Authority, with support from U.S. federal regulators. The weeklong virtual event sought new ways to address the disproportionate impact of the COVID pandemic on women.
Watch the Bill Pay It Forward demo here.