Credit Benchmark Readies Launch For 2014

London-based startup consensus credit ratings provider Credit Benchmark has begun its proof-of-concept phase with an undisclosed number of contributing banks, ahead of a full production launch scheduled for early next year.

During the proof-of-concept phase, banks that produce proprietary internal ratings can test how the service will work without going through a lengthy sign-up process, and can be involved in designing how the service will ultimately look.

“We now have data on our servers, and have a large group of banks at various stages of getting involved and setting up the technical connections to contribute data,” says Credit Benchmark chief executive Elly Hardwick. “The proof-of-concept ultimately becomes a demo for the product, what the data will be and how it will look. Our aim is to productise that early in the New Year.”

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Credit Benchmark brings together internal credit risk views from over 40 leading global financial institutions. The contributions are anonymized, aggregated, and published in the form of consensus ratings and aggregate analytics to provide an independent, real-world perspective of credit risk. Risk and investment professionals at banks, insurance companies, asset managers and other financial firms use the data for insights into the unrated, monitoring and alerting within their portfolios, benchmarking, assessing and analyzing trends, and fulfilling regulatory requirements and capital.