Record numbers for CRIF realtime’s Credit Passport®

OpenBankingExpo |

Demand for CRIF Realtime’s Credit Passport® has soared as SMEs across Europe seek to restore business performance in a post-Covid economy. CRIF Realtime, a leading innovator in the SME credit risk sector, developed Credit Passport® to help SMEs realise the full potential of their business.  It is the first portable credit file designed specifically for SMEs and was launched in Italy in 2014, France in 2019 and most recently in the UK in January 2020.

The market proven, credit scoring product uses real time banking transaction data to provide the most accurate view of a business’ performance. Consequently, it streamlines the lending process, providing quicker access to finance as well as demonstrating a company’s resilience. Credit Passport® is transforming the credit risk sector, proving invaluable in a post-Covid economy where traditional credit risk tools, based on data up to 18 months old, are less relevant.

With a growing network of partners, including several leading lending platforms and banks, Credit Passport® has been selected as the preferred credit risk solution for SMEs by an increasing number of SME organisations, including the London Stock Exchange’s ELITE programme. This has contributed to greater adoption of the product by SMEs across the UK, France and Italy. SMEs praise the product for providing accurate credit scoring that supports business development, reduces their admin burden and creates enhanced opportunities for growth.

Glen Keller, Chief Product Officer, CRIF Realtime, commented: “We launched the product in the UK a few months before lockdown occurred and we were really pleased it was available to help SMEs access funding faster than ever before.  Looking ahead to economic recovery and beyond, we’re delighted that so many lenders and SMEs recognise the value that Credit Passport® offers.  It provides SMEs with confidence when establishing new business partnerships, supply chains or pursuing acquisitions – crucial for businesses today”.

Credit Passport® leverages open banking, AI and machine learning for a market-first credit scoring proposition. As a recognised fintech innovator for SMEs – CRIF Realtime was a Nesta Open Up Challenge winner in 2017 and 2018 – the company is committed to developing innovative products that deliver real benefits to SMEs who comprise 99.9% of private businesses in the UK.  Economic recovery is dependent on the performance of the SME sector which requires credit risk solutions that support business growth. Credit Passport® is providing that solution.

During the last three years, CRIF Realtime has invested significantly in Credit Passport® and new, premium product launches are planned imminently.  The company also plans to announce further partnerships with key lending platforms in the near future. CRIF Realtime’s role as a leading fintech, coupled with its heritage in credit risk, have made it the leading provider of credit risk solutions for SMEs in Europe.