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Trade Ledger, Equifax partner to transform SME credit scoring

Monday 29 June 2020 13:22 CET | News

UK-based banking platform Trade Ledger and information solutions company Equifax have partnered to bid for the BCR Capability and Innovation fund (CIF).

The CIF is part of the RBS Alternative Remedies Package, designed to improve the financial products and services available to small and medium enterprises in the UK. Trade Ledger’s loan origination and servicing technology has been built to aggregate, store, and transform structured data directly from common SME applications to facilitate digital credit products. It also combines transaction data from banks and credit history data from credit bureaus, such as Equifax to help underwrite risk. 

Equifax has been part of the SME sector in the UK for over 40 years, delivering credit reports, scores and credit limits. The two parties plan to create a portable credit file solution for SMEs. The proposition will use financial technologies such as Open Banking and Open Accounting to enable UK SMEs to build their credit profile, according to the official press release.

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Keywords: Trade Ledger, Equifax, SME credit score, banking platform, BCR CIF, RBS Alternative Remedies Package, loan origination, digital credit, transaction data, banks, credit history, credit bureaus, open banking, UK
Categories: Banking & Fintech | E-invoicing, SCF & E-procurement
Countries: United Kingdom
This article is part of category

Banking & Fintech