Ducit.ai The artificial intelligence and machine learning Open Banking platform

About us

Ducit.ai is the artificial intelligence and machine learning Open Banking platform which aims to democratise banking data for the benefit of consumers and small businesses.

Our mission is simple - to deliver intelligent banking for all. Our vision is to do it through the power of artificial intelligence and machine learning.

Our aim is to accelerate the impact of Open Banking and deliver its benefits faster to consumers and small business. Our Account Information (AISP) APIs offer artificial intelligence and machine learning powered products for personal finance management, financial affordability and fraud detection for the banking industry. Our Payment Initiation (PISP) API allows customers to initiate payments and transfers securely, conveniently and at a significantly lower cost than the incumbents.

Ducit.ai is a secure, scalable and affordable platform built in a GDPR compliant environment. We are officially registered data controllers (ZA494747) on the ICO’s data protection public register.

Open Banking has the potential to become the driver of the biggest disruption across banking and financial services in a generation, and Ducit.ai will take the lead to make it a success.

We are proud to have been selected by Nationwide for their Open Banking for Good programme to improve the financial capability of the financially squeezed.

We are also delighted to have been selected for Digital Catapult’s Machine Intelligence Garage to get access to computing power, AI expertise and support in developing our products and services.

Account Information API (AISP)

Ducit.ai’s Account Information API delivers secure, consent-driven access to consumer and SME account information across the Open Banking ecosystem in a GDPR compliant environment. It provides an easy to use portal that aggregates all transactional data across customer’s accounts.

Our self-service app enables seamless client onboarding and account management, and our customer portal gives each customer full visibility and control of all the data they consented to share.

Ducit.ai’s technology is built from the ground up on the principles of security, scalability and reliability and it will deliver a PCI DSS compliant platform. Ducit.ai is authorised and regulated by the Financial Conduct Authority under registration number 816952.

Payment API (PISP)

The online payment industry relies on a number of intermediaries to operate. This creates inefficiencies in the transactional costs in the form of unnecessary fees.

The emergence of new online payment platforms have done nothing but increase the number of intermediaries involved, further inflating already inefficient transactional costs.

Ducit.ai’s Payment API aims to disrupt this industry by offering consumers/SMEs and online businesses direct bank payments, up to 6 times cheaper than current solutions.

Our Payment API will be integrated with the wider Ducit.ai ecosystem to benefit from our full range of artificial intelligence and machine learning capabilities.

Income and Expenditure Assessment

Assessing income and expenditure (I&E) in an accurate and automated manner lies at the heart of extracting value from Open Banking data. Our artificial intelligence I&E engine classifies banking transactional data based on our proprietary taxonomy and NLP machine learning models, and delivers consumers and SMEs behavioural insights for credit risk assessment, debt advice, collections, customer experience automation and fraud detection.

Our adaptive and self-learning artificial intelligence engine continuously optimises its transaction classification accuracy to respond to the dynamic nature of consumers and SMEs behavioural spending patterns.

Ducit.ai’s Income and Expenditure Assessment API provides a scalable and affordable solution for organisations looking to improve decisions based on consumer and SME consented financial behavioural data.

Anomaly & Fraud Detection

Ducit.ai’s approach to fraud detection is “trust, but verify”.

Fraud activity is constantly evolving, and our dual framework utilises unsupervised machine learning to detect anomalies from previously unseen data where there is no historical fraud flag, and supervised machine learning to identify fraud from existing labelled data.

“Trust” is achieved through the detection of data anomalies via our unsupervised machine learning (i.e. neural network) product, which continuously monitors the data streaming through our platform to identify anomalous behaviour requiring human intervention.

“Verify” is delivered through our supervised machine learning product which dynamically optimises the algorithms to detect fraudulent activity from previously known fraud labelled data.

Affordability Score

Affordability checks are a fundamental requirement in consumer credit, and are quite often confused with conventional credit checks. This is a dangerous misconception, and one that Ducit.ai is committed to resolve.

Our Open Banking affordability score is based on the most up to date financial transactional data to estimate the forward-looking ability of consumers and SMEs to afford the credit product in question and ensure their financial wellbeing is preserved.

Traditional credit checks are backward looking and fail to take into account the changing circumstances of individuals.

Our API driven affordability score product addresses this long-standing industry challenge, and puts consumers and SMEs in control of their finances.

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