Chime will incorporate FairPlay's Fairness-as-a-Service
solutions to further its mission of helping everyday Americans
unlock financial progress
LOS
ANGELES, May 22, 2024 /PRNewswire/ -- FairPlay, the
world's first Fairness-as-a-Service™ company, today announced a
customer relationship with Chime, a financial technology
platform founded on the belief that everyday people deserve
access to helpful, transparent and fair banking services to unlock
financial progress.
Chime will implement FairPlay's solutions in the underwriting
models powering the financial products available through its
platform. This will enable Chime to address more members' core
needs: namely accessing short-term liquidity and building
credit.
Founded in 2020, FairPlay works with financial services
companies to provide real-time fairness testing, monitoring and
optimization solutions that identify blind spots in algorithms and
provide automated "second-looks" to improve the decisioning systems
impacting people's lives. FairPlay's tools are designed to drive
growth, reduce risk, keep pace with ever-evolving regulatory
requirements, and improve positive outcomes for consumers.
"Chime continues to disrupt the status quo in financial services
for the benefit of everyday Americans. Partnering with FairPlay is
consistent with that ethos, as it helps address the systemic biases
pervasive in certain technologies. Leveraging the use of this
innovative technology will enable us to serve more members and
address their most pressing financial needs," said Xiongwen Rui, Chief Risk Officer, Chime.
"FairPlay tools get models into production faster and more
responsibly by automating fairness testing, monitoring model
biases, and identifying opportunities to be fairer within one's
risk tolerance," said Kareem Saleh,
founder and CEO of FairPlay. "Chime is a leader in using technology
to increase financial access and liquidity for millions of
Americans. We're pleased to help Chime in its mission to deliver
better, fairer financial products."
For more information about FairPlay, visit FairPlay.ai. For more
information about Chime, visit Chime.com.
About FairPlay AI
FairPlay AI is the world's first
"fairness-as-a-service" solution helping financial companies
mitigate algorithmic bias, without increasing risk. Built by some
of world's foreknown leaders in AI, FairPlay's technology serves
financial institutions, lenders, insurance carriers, marketers, and
others, identifying blind spots in their algorithms and providing
automated "second-looks" to improve decisioning systems. FairPlay's
tools help lenders identify more good loans and increase the
fairness of their portfolios, resulting in higher profits and
fairer portfolios all without higher risk. For more information
about FairPlay and its products, visit FairPlay.ai.
About Chime
Chime is a financial technology company,
not a bank, founded on the premise that basic banking services
should be helpful, transparent, and fair. Chime aims to profit with
consumers, and not from them and has a business model that doesn't
rely on consumer fees such as overdraft, monthly service, or
minimum balance fees. For additional information:
www.chime.com.
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SOURCE Fairplay