Creditinfo Decision Analytics is launching the Collateral Registry as an essential stand-alone solution to contribute in ensuring a healthy financial ecosystem by enabling to centrally manage information on collaterals and thus avoid duplications or potential fraud. This new product is key for all markets that are proactive in building a strong financial ecosystem and grow their economies.
Collateral registry fulfills two key functions: to notify parties about the existence of a pledge / security interest imposed on an asset and to establish the priority of pledgees, in case the asset accommodates two or more pledges / security interests.
The Collateral Registry Solution (CRS) is a technological platform and a complex system used for data records and exchange of information related to existing or historical collaterals. CRS the tools, consultancy and know-how sharing for storage and sharing of collateral-related information with a focus on setting processes in compliance with local legislation. The daily operation of the solution, interpretation and legal relevance of the stored information is highly dependent on the way the CRS is used and supported by the local legislation.
While a sound legal and regulatory framework is essential to support the collateral registry, as well as to allow for various assets to be used as collateral, the Collateral registry fulfills two key functions: (1) to notify parties about the existence of a pledge / security interest imposed on an asset and (2) to establish the priority of pledgees, in case the asset accommodates two or more pledges / security interests.
Source: Creditinfo Iceland