Chexar Networks, Inc. ("Chexar") the leading provider of solutions for converting consumer's checks into "good funds" and DemystData ("Demyst"), a technology provider specializing in the application of online and social data within the financial services industry, announced the implementation of their new consumer scoring algorithm with select beta clients. During the past year, the companies have been testing and modeling a combination of ChexarE 1/4s transactional data on consumer check cashing with DemystData's deep online, social, and mobile data to map correlations between customer level characteristics and various risk outcomes within Chexar's core businesses.

Currently ChexarE 1/4s solutions help banks and lenders to better serve the nations underbanked population, now estimated to be more than 90 million people. An underbanked consumer may have a relationship with a financial institution but most of their transactions are conducted outside of the traditional systems. Therefore, many of these consumers have either no credit file or what is known as a "thin file" which is of little use in the traditional environment. However, these customers are online and active, which paved the way for the collaborative scoring algorithms.

Drew Edwards, Chexar founder and CEO commented, "until now, the only external data Chexar has utilized has been limited to information on the maker of the check and limited identity verification on the payee consumer. In partnership with DemystData, we can now create an enriched score for an incoming new consumer based on the data that exists about them online. We're then able to model this holistic financial profile against all other consumers in our database with whom we have historical experience. As ChexarE 1/4s experience broadens and improves over time, so does the resulting score on new consumers."

Mark Hookey, founder and CEO of DemystData added that, "it was one of those situations where the combination of Chexar's large history of underbanked consumer identity and check performance history and the rich online and social data that we access allowed us to create a synergy that will in turn allow Chexar to improve its processes and accept more checks at the same level of risk."

Edwards went on to say "while we started this project to increase our automation and lower our costs, we now see this as a first step in an evolution in our company where we plan to leverage our unique transactional experience with this consumer to provide the market with innovative solutions for both identity verification and credit underwriting."

About Chexar

CHEXAR(R) is the national leader for technology and solutions that enable clients to cash, deposit or load any check with immediate funds availability. Chexar's solutions provide clients with the ability to truly serve the nation's under-banked population now estimated to be almost 100 million people. The gating factor for these consumers is their need to change all types of checks into cash or value before they can acquire other services including bill pay, money transfers, or prepaid cards.

Chexar's solutions enable any business to convert ANY type and ANY size of check to cash or to immediate credit onto Prepaid Cards or as fee-based deposits into bank accounts and to mitigate the risk of duplicate deposits on all check transactions.The company's one-of-a-kind solutions combine multiple national databases, rules engines, and proprietary technology with redundant 24/7 risk management centers to achieve the industry's highest automated and overall approval rates on any check. Chexar's solutions are deployed across multiple platforms including turnkey point of sale solutions, assisted and self-service kiosk solutions, mobile devices, and full XML integrations. For more information, please visit http://www.chexar.com.

About DemystData

DemystData helps financial institutions leverage social and online data to optimize every customer interaction. The technology provider's real-time data aggregation and predictive analytics platform allows for access to the best new data, online, social, & mobile, about people and small businesses, and makes that data available in easy to use segmentation structures. Pioneering the charge in the application of online and social data within the financial services industry, DemystData helps financial institutions customize their product offers, accept more credit applicants, verify identities, and save on data costs. DemystData has offices in New York and Hong Kong. For more information, please visit beta.demystdata.com.

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