SAO PAULO and SINGAPORE, Jan. 21, 2016 /PRNewswire/ -- 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.
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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.
"We are honoured to be selected by FEBRABAN and Brazil's leading banks as their partner to implement what we believe will be a progressive credit intelligence bureau that other economies and bank consortia will want to follow," said Rick Trainor, CEO, Business Services, LexisNexis Risk Solutions. "The FEBRABAN effort and our prior success with SBFE ensure financial institutions have the tools in place that allow them to expand their customer bases, price loan products appropriately, and manage risk with greater precision."
Thomas C. Brown, Senior Vice President, Financial Services, LexisNexis Risk Solutions added: "In today's marketplace, having an advanced technology platform to safely aggregate and leverage data from many financial institutions, like the platforms we're implementing for the members of FEBRABAN, makes the data available for credit underwriting stronger. We fully expect the FEBRABAN initiative to spur other countries and industry groups to follow the same path of leveraging advanced technology to spark economic growth and progress."
For more information about LexisNexis Risk Solutions: http://www.lexisnexis.com/risk/financial/
For more information about LexisNexis® products and services available in Brazil: http://www.lexisnexis.com/risk/intl/pt/
For more information about HPCC Systems: https://hpccsystems.com/
About LexisNexis® Risk Solutions
LexisNexis Risk Solutions is a leader in providing essential information that helps customers across industries and government predict, assess and manage risk. Combining cutting-edge technology, unique data and advanced analytics, LexisNexis Risk Solutions provides products and services that address evolving client needs in the risk sector while upholding the highest standards of security and privacy. LexisNexis Risk Solutions is part of RELX Group, a world-leading provider of information solutions for professional customers across industries.
About RELX Group
RELX Group is a world-leading provider of information solutions for professional customers across industries. The group employs about 28,500 people of whom half are in North America. RELX PLC, the London Stock Exchange listed shareholding vehicle, holds 52.9% of the shares in RELX Group. RELX NV, the Amsterdam Stock Exchange listed shareholding vehicle, holds 47.1% of the shares in RELX Group. The shares are traded on the London, Amsterdam and New York Stock Exchanges using the following ticker symbols: London: REL; Amsterdam: REN; New York: RELX and RENX. The total market capitalization is approximately 23.1bn GBP / 30.0bn Euro / 32.8bn USD (as of Jan. 20, 2016).
Federação Brasileira de Bancos (Brazilian Banks Federation) is the main representative body of the Brazilian banking sector. Created in 1967, in São Paulo city, it is a non-profit association. Its goal is to strengthen the financial sector and its relationship with society and to contribute to social, economic and sustainable development in Brazil.