Enigma Teams With Verisk Financial On Financial Health Insights

Data science company Enigma Technologies has debuted a strategic collaboration with Verisk Financial, which will help to boost insights into companies’ financial health, Enigma announced in a Monday (Feb. 1) press release.

Enigma Technologies collects and analyzes data on the health and identity of all U.S. businesses.

Enigma, as a part of the collaboration, is joining up with a number of banks, payment processors and financial institutions to provide trustworthy intelligence regarding a business’s financial health.

With the collaboration, Enigma will gain the ability to give better insights, including which businesses and sectors of the economy are growing and which are struggling, the release says.

Also, the collaboration will see Enigma rolling out its new Merchant Revenue Trends product, which will see exclusive access to revenue trends, transaction volumes and customer concentration at over 20 million businesses. The insights will help risk, underwriting and marketing teams at financial institutions to help small businesses more efficiently.

“Small businesses are fighting for their survival following a year of unprecedented challenges,” said Enigma CEO Hicham Oudghiri. “These businesses are making investments to adapt to our new reality, yet they still struggle to access credit. Enigma is committed to addressing this data gap and providing the transparency needed for financial institutions to better serve the small business community.”

“More timely small business health metrics have long been a need in small business financial services,” said Verisk Financial President Lisa Bonalle-Hannan. “We are excited that Verisk’s insights and Enigma’s business identity resolution technology make this solution possible.”

Small businesses will need the help as the pandemic continues. As reported in this space, the newest round of Paycheck Protection Program (PPP) funding will try to fix the issues that occurred with the earlier ones, in which some money ended up going to bigger companies that didn’t need it. The complications led to rule changes where companies had to prove they had no other revenue streams in order to get PPP funding.