The new credit bureau, created through the combined efforts
of the top five banks in Brazil,
serves as a model for the future of financial institutions
globally
SAO PAULO and ATLANTA, June 21,
2018 /PRNewswire/ -- Quod, the first Brazilian fintech
company handling database management focused on "positive credit
scoring," announced last week its marketplace brand name. This is a
historic advancement in the global credit risk industry because
Brazil, like many other countries,
has relied in the past on negative-only credit risk information.
Helping Quod step closer to full launch is LexisNexis Risk
Solutions, a global, big data technology and analytics company
that Quod selected to be its technical services provider.
"The LexisNexis Risk Solutions infrastructure provides
innovative tools for large volume data analytics. Its technology
helps us supply distinguished risk management, fraud prevention,
and large volume data analytics products and solutions, whether for
financial institutions or for other companies demanding information
about credit risk for their daily operations," explained
Rodrigo Abreu, Quod's CEO.
Quod selected LexisNexis Risk Solutions as its strategic
technical provider for two primary reasons. LexisNexis Risk
Solutions' high-powered data processing platform, HPCC
Systems® and LexisNexis Risk Solutions analytic expertise that
facilitates a deeper understanding of consumer behavior. HPCC
Systems® will allow Quod to efficiently process and
analyze complex datasets in a matter of seconds.
Financial institutions in other countries around the world
should look to the new credit bureau as the dawn of an innovative
and viable model for deriving value out of data by deploying the
technology and analytics that Quod is leveraging with LexisNexis
Risk Solutions.
For Rick Trainor, CEO, Business
Services, LexisNexis Risk Solutions being part of this initiative
in Brazil is an opportunity to
leverage HPCC Systems® to stimulate the credit
ecosystem. "Quod is an innovative initiative being led by the
main Brazilian credit market players. It illustrates that the banks
are invested in identifying alternative ways to contribute to
Brazil's economic development. We
also think Quod serves as an inspiration for institutions in other
countries that face the same challenges around
economic inclusion and increasing transparency," Mr. Trainor
said.
LexisNexis Risk Solutions recently conducted a global study on
economic inclusion and financial transparency. It found that half
of the 300 financial services professionals surveyed admitted
turning away 6 percent to 15 percent of potential customers due to
their current KYC or credit risk management processes.
Clearly, innovation is needed so that more people can gain access
to credit provided by the financial services industry. An ANBC
(Brazilian National Credit Bureau Association) study estimates that
over 20 million new customers might be included in the credit
market with the development of the "positive registration" approach
that Quod is taking. This is meaningful because access to credit
helps raise people out of poverty while fostering economic
stability by supporting the growth of a healthy middle class.
Economic inclusion is broader than a person just opening a bank
account. It includes a person having access to credit. Making
credit more accessible requires novel solutions built on the
foundation of powerful technology. HPCC Systems® is capable
of processing and linking disparate information quickly. Predictive
scores can be subsequently calculated in real-time, making credit
granting seamless to the consumer and lowering the chance of
potential loss to the financial institution.
Thomas C. Brown, senior vice
president, U.S. commercial markets and global market development,
LexisNexis Risk Solutions, said: "Greater economic inclusion drives
greater financial transparency. When credit is available to more
people in an economy, financial institutions are able to perform
better know your customer (KYC) initiatives and root out bad
actors, like money launderers and terrorist financiers, which
ultimately helps protect society at large from financial
crimes."
About LexisNexis® Risk Solutions
LexisNexis® Risk Solutions harnesses the power of data and
advanced analytics to provide insights that help businesses and
governmental entities reduce risk and improve decisions to benefit
people around the globe. We provide data and technology solutions
for a wide range of industries including insurance, financial
services, healthcare and government. Headquartered in metro
Atlanta, Georgia, we have offices
throughout the world and are part of RELX Group (LSE: REL/NYSE:
RELX), a global provider of information and analytics for
professional and business customers across industries. RELX is a
FTSE 100 company and is based in London. For more information, please visit
www.risk.lexisnexis.com, and www.relx.com.
About Quod
Quod is the brand that Gestora de Inteligência de Crédito S.A.,
the data management fintech company created by Brazil's five largest banks: Banco do Brasil,
Bradesco, Caixa Econômica Federal, Itaú and Santander, operates
under. The company was formally constituted in June 2017, which is when it started the
implementation of its infrastructure as well as its risk
management, fraud prevention and large volume of data products and
solutions. The fintech company, to be operational by the end of
2018, will serve clients in all economic sectors, including
financial institutions, insurers, retailers, telecommunication
operators and small to medium-sized companies, among others. One of
Quod's fundamental values is the protection of customer and company
data, and it prioritizes the conscientious and positive use of
credit.
Press contact:
Jean Creech Avent
Director of Public Relations
LexisNexis Risk Solutions
+1 770-862-7978
jean.creech@lexisnexisrisk.com
Photo -
https://mma.prnewswire.com/media/709041/LexisNexis_Risk_Solutions.jpg
Logo -
https://mma.prnewswire.com/media/494562/LexisNexis_Risk_Solutions_Logo.jpg