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Mifundo, a fintech company specialising in building Europe’s unified cross-border credit data platform, has formed a strategic partnership with CRIF Switzerland, a leading provider of credit risk management solutions and consumer credit information. This collaboration integrates CRIF’s Swiss credit data into Mifundo’s pan-European network, allowing European banks to access comprehensive Swiss credit information instantly for Swiss individuals working or living across Europe.
Benefits for Swiss Professionals
The partnership promises several benefits for Swiss professionals who often face lengthy and cumbersome verification processes when applying for banking services in other European countries, as their Swiss credit history is typically inaccessible to foreign banks.
- Reduced Verification Times: The partnership streamlines this process, enabling Swiss nationals to access banking services abroad more quickly and efficiently.
- Portable Financial Identity: The integration aims to create a portable financial identity, ensuring that Swiss professionals’ credit histories follow them across Europe. This mobility is especially valuable for the significant population of Swiss citizens contributing economically to multiple European countries.
- Enhanced Access to Financial Products: With European banks now able to access Swiss credit data seamlessly, Swiss individuals can more easily apply for loans, credit cards, and other financial products, even while residing outside Switzerland.
Benefits for European Financial Services Integration
The partnership is a significant step towards eliminating credit data silos in Europe, moving towards a truly borderless banking environment.
- Pan-European Data Unification: By connecting Swiss data with Mifundo’s European platform, the collaboration bridges a critical gap between Swiss and EU financial ecosystems.
- Operational Efficiency for Banks: European banks can now conduct thorough, real-time credit assessments for Swiss clients, reducing risk and administrative burdens associated with cross-border banking.
- Advancement of Open Banking Principles: This integration aligns with the spirit of Open Banking and European financial integration, fostering a more interconnected and consumer-friendly financial market across the continent.
- Economic Dynamism: The partnership could amplify economic interconnectivity and growth, as Swiss professionals working across Europe significantly contribute to Europe’s economic dynamism.
Expert Perspectives
- Kaido Saar, CEO of Mifundo, emphasised that this partnership is a key step towards "making banking truly borderless across Europe" and creating a "passportable financial identity that works everywhere in Europe."
- Daniel Gamma, Director of Corporate Sales at CRIF Switzerland, highlighted the strategic importance of seamless cross-border credit assessment for financial institutions with decades of experience in credit risk management.
Key Impact
- Using verified cross-border credit histories has led to a reduction in credit risk by up to seven times and a 15% increase in business volume for banks, according to Mifundo.
- The partnership facilitates the connection of national credit systems through secure and compliant data-sharing infrastructure.
- The collaboration aims to empower European banks with access to reliable Swiss credit data through a unified platform, essential for enabling financial inclusion and supporting the dynamic needs of mobile professionals.
The collaboration does not include any advertisements. The integration aims to allow banks across Europe to access Swiss credit histories in real time. CRIF Switzerland brings more than three decades of experience and a robust client base of financial institutions to the collaboration. The partnership addresses the difficulties Swiss professionals face when applying for financial services abroad and ensures that people's credit history follows them wherever they go in Europe.
*Featured image credit: Edited by our platform, using an image by Who is Danny via Freepik.
- This partnership between Mifundo and CRIF Switzerland not only benefits Swiss professionals by enabling quicker and more efficient access to banking services in other European countries, but also promotes financial inclusion by providing European banks seamless access to Swiss credit data.
- The integration of technology and finance through this collaboration is a significant step towards advancing open banking principles in Europe, fostering a more connected and consumer-friendly financial market across the continent and amplifying economic interconnectivity.
