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In a groundbreaking move, Estonia-based fintech firm Mifundo has announced a strategic partnership with CRIF Switzerland. This collaboration aims to significantly enhance the integration of financial services across Europe, enabling seamless cross-border access to Swiss credit data for European banks [1][2].
The partnership addresses a key challenge in European financial mobility: the lengthy verification processes faced by Swiss mobile professionals when accessing banking services outside Switzerland due to the inaccessibility of their Swiss credit data. Now, with this partnership, European financial institutions can perform comprehensive credit assessments instantly, facilitating faster, borderless banking services and contributing to financial inclusion and mobility within Europe [1].
CRIF Switzerland, with more than three decades of experience and a robust client base of financial institutions, brings valuable expertise to the collaboration. The integration of Swiss credit data into Mifundo’s pan-European credit data platform allows banks in Europe to instantly access Swiss credit histories of Swiss professionals working across European countries [1].
According to Mifundo, 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 [1]. Kaido Saar, CEO of Mifundo, stated that adding Swiss data to their platform is a crucial step towards making banking borderless across Europe [1].
The partnership intends to ensure that people's credit history follows them wherever they go in Europe. It aligns with the European Union's broader objective of financial services integration and facilitates the connection of national credit systems through secure and compliant data-sharing infrastructure [1].
The collaboration advances Mifundo's mission of creating a passportable financial identity that works everywhere in Europe. Mifundo's platform now covers over 70% of the European population, expanding its reach [1]. Daniel Gamma, Director Corporate Sales at CRIF Switzerland, is involved in the partnership.
It is worth noting that Mifundo has previously secured €10 million from the European Innovation Council. The partnership between Mifundo and CRIF Switzerland is a significant step towards fostering the unification of credit data ecosystems in Europe, reducing friction for cross-border banking, and accelerating the adoption of truly borderless financial services across the continent [1][2].
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References: [1] Mifundo. (2023). Press Release: Mifundo and CRIF Switzerland Partner to Revolutionize Cross-Border Banking in Europe. Retrieved from https://www.mifundo.com/press-releases/mifundo-and-crif-switzerland-partner-to-revolutionize-cross-border-banking-in-europe [2] Swissinfo.ch. (2023). Swiss Credit Data to Boost European Banking Services. Retrieved from https://www.swissinfo.ch/eng/business/swiss-credit-data-to-boost-european-banking-services/47343416
- This partnership between Mifundo and CRIF Switzerland aims to leverage technology to facilitate finance, ensuring that people's credit history follows them in Europe, ultimately contributing to the financial inclusion and mobility of European businesses.
- By integrating Swiss credit data into Mifundo's pan-European credit data platform, European financial institutions can conduct instant credit assessments, reducing credit risk and increasing business volume, as demonstrated by a 15% increase in business volume for banks.
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