CreditInfo Jamaica Limited recently launched its latest product, LoanBox, which is a digital end-to-end loan management system.

At an event held at the Terra Nova Hotel in St Andrew, which also signalled the launch of its Breakfast Series, CreditInfo rolled out its LoanBox product along with another know-your-customer (KYC) digital platform to close to one hundred business leaders drawn from across the commercial banks, credit unions, remittance entities, microfinancial institutions, hire purchase entities, telecoms providers, gaming entities, and several government entities including the Students’ Loan Bureau and the National Housing Trust.

In addressing the event, CEO and country manager for CreditInfo Christopher Brown outlined that the post-COVID environment has intensified the demand for automation and digital solutions to meet the increasing demand for efficiency, convenience and accessibility of many Jamaican consumers. Brown argued “that it is the entities who quickly automate their processes, making it seamless for a consumer outside of a branch, outlet or store, to access and apply for lines of credit and other financial products that will have a distinct compatible and commercial advantage.”

He further highlighted that LoanBox offers end-to-end automation allowing a consumer to, in one flow, move through a digital experience of applying for a facility, uploading required documentation, having their identity being instantly verified and validated, moving through to credit scoring and instant decisioning regarding their application, then signing the contract and finally having the funds disbursed to their relevant accounts.

Additionally, the CreditInfo boss was quick to highlight that though the KYC platform is an included aspect of the Loan Box product, entities can access that product as a standalone product to digital and easily take their customers through the identity verification and general application onboarding process. “In this age of increasing transnational crime and money laundering, our EKYC product allows entities to quickly screen its applicants through hundreds of AML, PEP and sanctions list across hundreds of countries — we know that this is a key for the microfinancial institutions (MFIs) as well as the remittance sector particularly — and we do have a standalone product where entities can access this product specifically.”

Also speaking at the event was Alexander Novoselov, who is head of products at StoneCo, the parent company of CreditInfo Jamaica. Novoselov, who is based in London, outlined that the LoanBox product has already peaked significant interest locally and is being utilised by several major financial and other credit granting entities in Europe.

He also emphasised the regional footprint of CreditInfo not only in Jamaica, but with subsidiaries in Barbados, Guyana and a recently established entity serving the countries in the Eastern Caribbean based in Antigua.

CreditInfo is a central part of the country’s financial ecosystem and Chris Brown noted that he was excited in the company’s ability to “provide the digital transformation backbone to power the full loan and credit lifecycle from origination to collection. He told the Business Observer to stay tuned as CreditInfo will be coming shortly with a major announcement regarding its “Big Data” business profile.