Credit risk firm CRIF Realtime has reported increased demand for its open banking-powered credit assessment tool, as small- and medium-sized enterprises (SMEs) seek to access funding amid Covid-19.
Credit Passport is a portable credit file designed specifically for SMEs, which uses AI, machine learning and open banking to provide the most accurate view of business performance with real time, up to date information.
CRIF Realtime said that the credit scoring product, which launched in Italy in 2014, in France in 2019 and most recently in the UK in January 2020, saw a 400 per cent increase in customer numbers in the second quarter of the year.
“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,” said Glen Keller, chief product officer of CRIF Realtime.
“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.”
CRIF Realtime said it has spent the past three years investing heavily in its Credit Passport and will soon announce new product launches and partnerships with lending platforms.