LexisNexis Risk Solutions, part of RELX Group, announced today it has been chosen by FEBRABAN, the Brazilian banking industry’s main federation, and Brazil’s top five banks to provide technical services for a new credit intelligence bureau that will modernise the current Brazilian credit risk information ecosystem.
This morning FEBRABAN and LexisNexis Risk Solutions signed a memorandum of understanding that covers an initial phase to detail the project and will guide exclusive negotiation of definitive documents for the establishment of the credit intelligence bureau. FEBRABAN, Bradesco, Banco do Brasil, Caixa Econômica Federal, Itaú Unibanco and Santander selected LexisNexis Risk Solutions because of its technology, data and analytics prowess as well as its deep experience in the financial services industry.
With this new effort, in the long term, many more Brazilians may have the chance to participate in the financial system. Creating a risk information ecosystem on high-speed technology using robust sets of data has the potential to change lives, generate sustainable economic expansion in a world-class economy, all the while providing financial institutions with the tools to assess and manage risk more effectively.
“After a thorough RFP process, LexisNexis Risk Solutions became the choice to partner with us in this endeavour,” said Murilo Portugal, FEBRABAN president. “Its high patterns of security and privacy, deep expertise in the risk information industry and technology development capabilities made LexisNexis Risk Solutions stand out from the competition. This credit intelligence bureau will have a positive impact in our credit markets by providing an infrastructure to improve access to credit in the medium term.”
The unique expertise of LexisNexis Risk Solutions combined with its open-source data processing platform, HPCC Systems®, were two of the factors that led the banks to select the company. The HPCC Systems platform will make it possible for the credit intelligence bureau to process and analyse complex, massive data sets in a matter of seconds. The ability to process quickly large volumes of transaction data through HPCC Systems will help the credit intelligence bureau to effectively manage financial payment experiences, resulting in a bureau with a sophisticated infrastructure. RELX Group, parent company of LexisNexis Risk Solutions, uses the platform across its four businesses.
LexisNexis Risk Solutions is known for architecting risk information ecosystems. For example, U.S.-based Small Business Financial Exchange (SBFE®), a consortium of nearly 200 lenders, selected LexisNexis Risk Solutions more than two years ago to help to implement the next-generation design of its industry-managed and -governed small business payment data exchange. In a completely separate transaction, LexisNexis Risk Solutions also met SBFE’s best-in-industry security and data governance standards to be approved to provide solutions built on SBFE data to SBFE members as an SBFE Certified Vendor.
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