Under the terms of the agreement, EQCS will step in and continue to service the portfolio in the event that the business was unable to continue with its operation, with minimal disruption to service.
Uniquely, EQCS’s ‘Hot Standby’ service provides a speed of implementation that no other provider in the market offers as their primary product. From the point of invocation (or when insolvency is triggered), to having full control of the loan portfolio, systems and processes, and being able to service the lenders existing customers, takes just 30 days.
“Never before has the small business lending sector played such a crucial role in the UK’s economic stability,” comments Richard Carter, Managing Director, EQ Credit Services. “Our technology-led approach has enabled us to halve the time a servicer would typically require to assume operational control, something that would significantly reduce the negative commercial and operational impact of invocation.”
EQCS take a granular technical approach to standby servicing. Other standby servicers request a monthly or quarterly data tape detailing a firm’s loan information. EQCS builds a full integration to the lenders systems which it maintains and reports on. This, together with the firm’s full business process outsourcing operational capability is unique in the industry.
EQCS’s Hot Standby service is initially scoped through a discovery phase, which involves a complete operational, financial and technical infrastructure review including all processes and procedures pertaining to both fully FCA regulated and non-regulated requirements. Only by understanding the infrastructure and all critical areas within the business can a servicer ensure the lender benefits from the most appropriate and most agile solution for their circumstances.
In addition to continuity of service, EQCS also ensures that the lender continues to be focused on the adherence to the TCF principles and ensure compliance where necessary to the required FCA guidelines.
EQCS now stands behind combined loan portfolios of around £8bn, ensuring that the financial markets in the UK has a trusted partner in its management should innovation ever be required.
To learn more, visit the website here: www.equiniticreditservices.com
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Contact: Owain Chambers
About EQ Credit Services
EQ Credit Services builds innovative solutions that are transforming the credit industry. Offering a complete outsourced credit management solution, combining award-winning proprietary technologies, specialist personnel, FCA compliant processes and industry best practice.
EQ Credit Services delivers flexible, agile solutions that support the entire loan life cycle process. The scalable platform enables lenders to increase efficiencies, reduce time to revenue and improve operations.
‘EQ Credit Services’ is the trading name of the following companies: Pancredit Systems Limited (Registered in England and Wales no. 02215760), Equiniti Gateway Limited (Registered in England and Wales no. 06729467) and The Nostrum Group Limited (Registered in England and Wales no. 04274181). Part of the Equiniti Group.