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FAQ - Check out our frequently asked questions
Through our API, we return results in real time—usually within a single second. This makes Cheqm ideal for onboarding and instant acceptance decisions.
No. Cheqm is not a credit provider and does not take on financial risk.
We exclusively provide data and insights to support:
- Credit decision-making
- Onboarding
- Risk management
CCD2 introduces requirements such as:
- Affordability checks (can a consumer truly afford the credit?)
- Data minimization (using only relevant data)
- Explainability (decisions must be explainable)
- Transparency towards the consumer
This means that traditional, less transparent models will come under increasing pressure.
Yes. Cheqm supports organizations with CCD2 compliance by providing:
- Real-time affordability analysis via Open Banking
- Explainable scoring (including reason codes)
- Data minimization and transparency
This makes Cheqm well-suited for upcoming regulations in consumer lending.
Cheqm supports organizations with CCD2 compliance by providing:
- Open Banking data for real-time affordability analysis
- Explainable scoring with clear reason codes
- Use of official and legally reliable data sources
This enables organizations to meet stricter requirements around CDD, KYC, and credit assessments.
If you:
- Provide credit
- Offer BNPL (Buy Now, Pay Later)
- Facilitate subscriptions or payment obligations
you will face stricter requirements around:
- Risk assessment
- Consumer protection
- Transparency
CCD2 makes strong risk decisioning essential.
The Cheqm Open Banking Score is a PSD2-based score that provides insight into:
- Income
- Fixed expenses
- Cash flow
- Financial stress
This score supports affordability checks and helps organizations comply with CCD2.
Open Banking (PSD2) provides insight into:
- Real-time income
- Spending patterns
- Cash flow
This enables organizations to make better-informed decisions compared to relying solely on historical data.
No. Open Banking is not mandatory, but it is becoming increasingly important for:
- Affordability checks
- Responsible lending
- CCD2 compliance
No. Open Banking is not mandatory, but it is becoming increasingly important to demonstrate that credit is responsible and affordable. Cheqm combines Open Banking with other data sources to provide a stable and compliant risk profile.
The Gini score measures how well a model distinguishes between low-risk and high-risk customers.
A higher Gini score means:
- Better risk selection
- Lower default rates
- Higher profitability
A higher Gini score directly leads to:
- Lower bad debt
- Better acceptance decisions
- A stronger portfolio
This is essential for lenders, BNPL providers, and subscription-based models.
By delivering higher predictive power (Gini ~0.68), Cheqm can:
- Better identify high-risk customers
- Reduce incorrect approvals
This directly leads to lower bad debt.
The real cost lies in incorrect decisions, not in the check itself.
A better score leads to:
- Lower default rates
- Higher conversion
- More accurate risk assessment
Lower-cost data often leads to:
- Weaker risk models
- Higher default rates
- Increased operational costs
The real value lies in decision quality, not in the price per check.
Traditional credit checks often rely on consumer data collected through third parties, such as collection agencies and creditors. This data is:
- Limited in coverage
- Strongly historical
- Not always transparent in origin
As a result, it often provides an incomplete or biased view.
Cheqm uses real-time data sources such as Open Banking and public registers to deliver a more complete and reliable risk profile.
The Gini score measures how well a model distinguishes between low-risk and high-risk customers.
A higher Gini score means:
- Better risk selection
- Lower default rates
- Higher profitability
A higher Gini score directly leads to:
- Lower bad debt
- Better acceptance decisions
- A stronger portfolio
This is essential for lenders, BNPL providers, and subscription-based models.
By delivering higher predictive power (Gini ~0.68), Cheqm can:
- Better identify high-risk customers
- Reduce incorrect approvals
This directly leads to lower bad debt.
The real cost lies in incorrect decisions, not in the check itself.
A better score leads to:
- Lower default rates
- Higher conversion
- More accurate risk assessment
Lower-cost data often leads to:
- Weaker risk models
- Higher default rates
- Increased operational costs
The real value lies in decision quality, not in the price per check.
Traditional credit checks often rely on consumer data collected through third parties, such as collection agencies and creditors. This data is:
- Limited in coverage
- Strongly historical
- Not always transparent in origin
As a result, it often provides an incomplete or biased view.
Cheqm uses real-time data sources such as Open Banking and public registers to deliver a more complete and reliable risk profile.
Yes. Each score includes clear reason codes, which are essential for:
- Compliance (CDD, CCD2)
- Internal audits
- Transparency towards customers
CCD2 requires that credit decisions are:
- Understandable
- Well-substantiated
- Auditable
Cheqm supports this through transparent models and clear reason codes.
Yes. Cheqm provides explainable scores with clear reason codes, which are essential for:
- Transparent decision-making
- Auditability
- CCD2 compliance
No. Cheqm does not make decisions on acceptance or rejection.
We provide:
- Risk scores
- Insights
- Reason codes
The final decision always remains with the client.
Because:
- The client remains responsible for acceptance policies
- Regulations (such as CCD2 and GDPR) require control and transparency from the decision-maker
Cheqm provides the input — the client determines the outcome.
Yes. Cheqm can be integrated into decision engines, enabling automated acceptance flows. However, the decision logic (accept/decline/regret) is always defined and controlled by the client.
Cheqm helps identify minors by providing:
- Age validation based on reliable data sources
- Identity checks via integrated partners
- A combination of risk scores and data validation
This enables organizations to automatically block transactions or trigger additional checks when needed.
Yes. Cheqm operates fully in line with GDPR requirements:
- No storage of personal data
- Data minimization
- Transparent processing
No. Cheqm operates without its own database and does not store customer data. All checks are performed in real time and are queried מחדש for each client request.
The Cheqm integrated identification flow, also known as the Happy Flow, looks as follows:
- Identification (ID check via our partner)
- Age verification
- Open Banking consent & analysis
- Cheqm score + reason codes
- Customer decision
This process is fully digital, real-time, and compliant.
Key advantages of BPO include:
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Cost savings: Reducing operational and labor expenses.
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Access to expertise: Leveraging specialized skills and technologies.
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Improved efficiency: Streamlining processes and enhancing productivity.
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Scalability: Easily adjusting resources to meet business demands.
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Focus on core activities: Allowing internal teams to concentrate on strategic initiatives.
Commonly outsourced services encompass:
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Customer support: Call centers, email, and chat support.
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Finance and accounting: Bookkeeping, payroll, and tax preparation.
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Human resources: Recruitment, training, and benefits administration.
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IT services: Helpdesk support, software development, and infrastructure management.
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Marketing: Content creation, SEO, and social media management.
Cheqm works closely with specialized partners for identification, offering a fully integrated identification flow (both online and mobile) that can be easily implemented into your own acceptance process.
The identification flow is an integrated process in which:
- The user identifies themselves (ID check & biometrics)
- Age and identity are verified
- An Open Banking check is connected
- A risk score is generated
This results in a fully automated onboarding process.
After identification, the user can seamlessly proceed to the Open Banking check.
This creates one integrated process for:
- Identification (KYC)
- Affordability (CCD2)
- Risk assessment
This eliminates separate steps, increases conversion, and provides the best possible user experience.
Because separate steps in onboarding lead to:
- Friction
- Lower conversion
- Higher error rates
Whereas an integrated flow ensures:
- Faster onboarding
- Better compliance (KYC / CDD / CCD2)
- Fewer manual checks
Our partnerships provide:
- One integrated flow
- Reduced integration complexity
- Consistent data and scoring
- A better user experience
Yes. The identification process is carried out via specialized partners and in accordance with:
- GDPR guidelines
- Data minimization
- Proportionality
- Secure processing
Cheqm acts as a data processor and does not store any data.
Identifying minors requires a combination of:
- Identity verification (ID check)
- Age verification (date of birth)
- Verification of legal representation (if applicable)
Organizations must prevent minors from gaining unauthorized access to products with financial obligations, and Cheqm provides the technical support to enable this.
Within KYC and CDD, stricter requirements apply to minors:
- Enhanced duty of care
- Age verification
- In some cases, parental or guardian consent
- Restriction or exclusion from certain products
In addition, the processing of personal data must comply with GDPR, with extra attention to vulnerable groups such as minors.
Preventing the onboarding of minors is essential in order to:
- Avoid legal risks
- Prevent irresponsible use of credit
- Comply with regulations (such as CCD2 and consumer protection)
And, of course, to avoid uncollectible debts. Cheqm supports this.
Cheqm helps detect minors by:
- Age validation based on reliable data sources
- Identity checks via integrated partners
- A combination with risk scoring and data validation
This enables organizations to automatically block users or trigger additional checks.
Yes, this is possible. Based on age validation and identification, rules can be set to:
- Automatically block minors
- Or require additional verification
Cheqm enhances KYC and KYB processes by providing:
- Identity validation
- Company information (registrations, structures)
- Risk indicators
This helps enable faster and more effective onboarding of both customers and businesses.
Cheqm supports organizations by delivering:
- Faster onboarding
- Fewer manual checks
- Improved compliance
- Lower risk
- Higher conversion rates
Through simple API integrations, Cheqm can be directly embedded into:
- Onboarding flows
- Risk engines
- Acceptance processes
Yes. Cheqm is designed to work with official public data sources in each country. Currently, the focus is on the Netherlands, Belgium, and the DACH region, but the platform is scalable to other European markets where:
- Reliable public registers are available
- And regulations allow it
This enables us to support international KYC, KYB, and CDD processes.
Yes. Cheqm supports international Know Your Customer (KYC) and Know Your Business (KYB) processes by leveraging local, official data sources in each country.
This ensures:
- Consistent risk assessments
- Local compliance
- Scalability for international organizations
By:
- Using local, official data sources
- Aligning with national regulations
- Ensuring GDPR and PSD2 compliance
This enables organizations to scale their CDD and credit processes consistently and compliantly across multiple countries.