Mifundo has partnered with CRIF Switzerland to integrate the latter’s Swiss credit data into its pan-European network.
The integration will allow European banks to have instant access to credit information when serving Swiss mobile professionals. This addresses the gap in European financial mobility which concerns Swiss professionals working across Europe who face time-consuming verification processes when applying for banking services due to European banks’ limited access to Swiss credit histories.
Supporting the EU’s vision of integrated credit services
With this partnership, European banks are now able to access Swiss credit data leveraging Mifundo’s platform. Adding Swiss credit data to its offerings reflects the company’s mission to make banking borderless in Europe. Professionals from Switzerland contribute significantly to Europe’s economy as they work across multiple European countries, and Mifundo aims to support them by creating a mobile financial identity that is recognised everywhere in Europe by ensuring people’s credit history follows them.
CRIF recognises the importance of enabling simple cross-border credit assessment, and its partnership with Mifundo reflects the company’s efforts to advance European financial integration. The alliance supports banks with access to reliable credit data through a unified platform designed for enabling inclusion. CRIF believes that the infrastructure built will benefit financial institutions and support the needs and demands of mobile professionals.
The integration is compliant with GDPR and Swiss data protection standards while offering banks reliable information for better lending decisions. Mifundo reports a seven times reduction of credit risk and an 15% increase in business volume for banks utilising reliable credit histories to serve cross-border customers. The collaboration strengthens Mifundo’s pan-European network, whose passportable identity platform now covers over 70% of the European population.
The alliance supports the wider EU vision of integrated financial services by connecting national credit systems through a safe data infrastructure. Both companies received support for their approach, with Mifundo securing EUR 10 million from the European Innovation Council and recognition.
About CRIF
CRIF is a global leader in credit bureau, business information, and credit risk solutions. Established in 1988 in Bologna, Italy, CRIF operates in 37 countries across four continents. Over 10,000 banks and financial institutions, 90,000 business clients and 1 million consumers use CRIF services on a daily basis. CRIF has a strong presence in Asia, with its regional headquarters in Singapore, and offices in key cities including Hanoi, Ho Chi Minh City, Jakarta, Kaohsiung, Kuala Lumpur, Manila, Mumbai, Pune, Taipei, Taichung, Tokyo and Zhongli.
Source: thepaypers.com
