EQ Credit Services to provide lending platform to Development Bank of Wales
Fully scalable platform to support 72% increase in loan customers due to the COVID-19 Wales Business Loan Scheme
EQ Credit Services, part of EQ (Equiniti Group plc), will provide its market-leading technology to the Development Bank of Wales to support Welsh businesses with their commercial funding needs post-pandemic.
The Development Bank of Wales has seen a 72% increase in loan customers as a result of the COVID-19 Wales Business Loan Scheme. EQ Credit Services will provide an automated, flexible, end-to-end loan administration system to meet this growth in demand. Its loan servicing capabilities will also help the bank to optimise operations and improve the efficiency of its businesses processes.
The new loan administration system is part of a broader digital transformation programme designed to drive customer experience improvements at the Development Bank of Wales.
David Staziker, Chief Financial Officer for the Development Bank of Wales, commented: 'Our customer base has grown significantly over the last year as a result of the funding made available by the Welsh Government to support businesses during the pandemic. It is therefore vital that we have the right technology infrastructure in place to support our customers throughout their journey with us.
'The new loan administration system is a key part of our investment in digital transformation and we are delighted to be working with EQ. This is a long-term partnership that will help us to drive operational efficiencies and better manage our customer portfolio of over 2,500 Welsh businesses as we support them with their commercial funding needs.'
Richard Carter, Managing Director of EQ Credit Services, commented: 'We are delighted to have been appointed by the Development Bank of Wales to provide them with credit management and servicing provisions. Our market-leading technology will enhance the bank's services and help to create a vibrant business landscape in the country for 2021 and beyond.'
The COVID-19 Wales Business Loan Scheme (CWBLS) was announced on 30 March 2020 and the £100m facility is now fully subscribed with more than 1,500 applications received in just a single week. The scheme has helped to safeguard over 16,000 jobs in Wales and will be the cornerstone of the country's economic recovery from the COVID-19 pandemic.
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About EQ (Equiniti Group plc):
EQ is an international technology-led services and payments specialist. With over 5,000 employees, it supports 36 million people in 120 countries. EQ's purpose is to care for every customer and simplify every transaction, delivered with less of an impact on the environment.
EQ is listed on the London Stock Exchange as Equiniti Group plc.
Find out more https://equiniti.com/
EQ serves clients and customers through four divisions:
EQ Boardroom: Share registration, governance and investor relations advisory, and employee benefits services
EQ Digital: Helping regulated businesses and Government to manage customers through innovative digital solutions
EQ Paymaster: Pensions, annuities, flexible benefits and payroll for the UK's largest public and private sector organisations
EQ U.S.: Transfer agency, equity compensation services and digital solutions for U.S. firms; serving the world's leading brands since 1929
Development Bank of Wales
The Development Bank of Wales was set up by the Welsh Government to support the economy of Wales by making it easier for businesses to get the finance needed to start up, strengthen and grow. The purpose of the Development Bank is to unlock potential in the economy of Wales by increasing the provision of sustainable, effective finance in the market.
Launched in October 2017 it is a cornerstone organisation for delivery of public sector financial products, supporting micro to medium businesses in Wales and increasing the supply of finance. It promotes economic development through an adaptable delivery model that is responsive to market needs whilst providing continued value for money for public funds. It delivers key Welsh Government policy objectives measured through performance targets and providing investment management and support services across the whole of Welsh Government.
See the Development Banks of Wales latest performance figures here
In 2020 The COVID-19 Wales Business Loan Scheme (CWBLS) was announced on 30 March 2020 and the £100m facility is now fully subscribed with more than 1,500 applications received in just a single week. The scheme has helped to safeguard over 16,000 jobs in Wales and will be the cornerstone of the country's economic recovery from the COVID-19 pandemic.
Media centre: www.developmentbank.wales/media
Development Bank of Wales Plc (Banc Datblygu Cymru ccc) is the holding company of a Group that trades as Development Bank of Wales. The Group is made up of a number of subsidiaries which are registered with names including the initials DBW. Development Bank of Wales Plc is a development finance company wholly owned by the Welsh Ministers and it is neither authorised nor regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA). The Development Bank of Wales has three subsidiaries which are authorised and regulated by the FCA. Please note that neither the Development Bank of Wales Plc nor any of its subsidiaries are banking institutions or operate as such. This means that none of the group entities are able to accept deposits from the public. A complete legal structure chart for Development Bank of Wales Plc can be found at www.developmentbank.wales.