Schufa cooperates with fintech Greenomy

Friday 4 November 2022 15:25 CET | News

Belgium-based company Greenomy has announced partnering with Germany-based solution provider of credit reporting and information services SCHUFA.


Greenomy is an ESG market infrastructure that provides solutions to assist businesses, credit institutions, and asset managers in meeting the new EU regulations for sustainable finance. The novel solution creates a sustainability data and analytics ecosystem that connects key stakeholders and facilitates the redirection of funds to sustainable initiatives in accordance with the EU Green Deal.

The Schutzgemeinschaft für allgemeine Kreditsicherung, or SCHUFA, is a private credit bureau that helps customers with fraud prevention and compliance solutions while reducing the risks of nonpayment.

EU’s requirements for sustainability

Within the framework of the EU Taxonomy Regulation, the EU has required companies, credit institutions, and other financial service providers to make the sustainability of their economic activities measurable. The goal is to increase transparency and encourage the financing of environmentally and climate-friendly economic activity. The associated reporting requirements can take a significant amount of time and money, which the SCHUFA solution aims to reduce.

Belgium-based company Greenomy has announced partnering with Germany-based solution provider of credit reporting and information services SCHUFA.

According to a SCHUFA representative, the company, as a solution provider, assists its corporate clients in meeting regulatory requirements and making processes more efficient. The solution enables businesses to meet the EU Taxonomy Regulation's disclosure requirements while also providing business partners with a picture of their company's long-term viability.

The partners’ platform

SCHUFA Holding aims to provide credit institutions, investors, insurers, and businesses with a way to efficiently meet their EU Taxonomy commitments through the SCHUFA ESG Solution powered by Greenomy. The technology allows for simple data exchange between lenders, investors, and businesses and evaluates the necessary EU Taxonomy ratios automatically. Through the platform, all parties can exchange the necessary data and prevent double data input.

Strategic partnership

SCHUFA Holding is forming a strategic partnership with Greenomy for the platform's operations. Greenomy enables consumers to comply with EU sustainability laws by digitising the data collection and reporting process.

According to a Greenomy representative, the company is an ESG Market Infrastructure operating across Europe SCHUFA join them as a key partner for the German market. The approach offers German banks and businesses a clear picture of how sustainable their operations are, and funds are then diverted to greener business ventures, accelerating the country's transition to a more sustainable future.

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Keywords: partnership, sustainability , Payments Europe, credit scoring, banking
Categories: Banking & Fintech
Companies: Greenomy, SCHUFA
Countries: Belgium, Europe, Germany
This article is part of category

Banking & Fintech




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