The Eastern Caribbean Central Bank (ECCB) has received a demo of the application to be used in the execution of the Credit Bureau solution for the eight ECCB member countries.
The Group Chief Operating Officer at StoneCo CI Ltd, Damion Franklin, presented the demo to the ECCB delegation which included the Governor, Timothy N.J. Antoine and Deputy Governor, Dr Valda Henry. StoneCo CI Ltd is the operator of various credit bureaus in the region including those in Jamaica and Barbados and will be working with the ECCB for the operationalisation of the Credit Bureau, CreditInfo ECCU, in the ECCB member countries.
The Credit Bureau Solution is a completely web-based application which could be accessed at any time from any location, providing that the user has internet access. This will assist with the efficiency of the credit decision making process. “Gone will be the days when persons have to pick up a phone to find out information on a customer from a colleague in another institution,” said Franklin.
The Solution is not a single application for the development of credit reports, but is also designed to provide other services such as monitoring, dispute management, statistics, administration and data management.
CreditInfo ECCU will operate in the eight ECCB member countries, providing financial institutions and other types of credit granting institutions access to an individual’s or business’ credit history which will make credit information sharing much easier. Furthermore, it will assist with improving customers access to credit while discouraging discriminatory lending practices.
“I am certainly excited about the prospects of introducing the Credit Bureau to the Eastern Caribbean Currency Union (ECCU) this year,” said Governor Antoine.