Dubai: Al Etihad Credit Bureau, the UAE’s credit reporting company, launched the Application-to-Application (A2A) advanced feature in January, granting lenders direct access to the Bureau’s database to extract the data they need and use it as direct input into their own decision-making systems.

Mashreq has become the first bank to enable this advanced feature.

Banks as well as finance companies and telecom operators can now start making use of the Application-to-Application (A2A) feature. In a typical scenario, an entity would be able to use personal information extracted from an Emirates ID chip, automatically use that information as input for making a credit report enquiry, retrieve a set of data fields chosen by the entity and input it directly into an internal decision-making systems in order to shoot back an immediate response. This transformation is going to improve internal processing, eliminate human errors in data entry and ultimately benefit the customer in obtaining preapprovals on the spot.

“It is important to be at the forefront of digital integration and Application-to-Application (A2A) feature is the newest way of connecting to the company’s database in a seamless and effortless manner. Banks, finance companies and telecom operators can now design internal decision-making systems that instantly read information from Al Etihad Credit Bureau and use it for customising products, offers, services and rates while customers are being serviced,” said Marwan Lutfi, CEO of Al Etihad Credit Bureau

Credit Bureau expects more financial institutions to make use of the new features.

“This automated feature will allow us to service our customers better since processing loan applications will be seamless, error free and most significantly enable faster turnaround. Overall this will also help improve productivity and efficiency by enabling straight-through processing,” said Abdul Aziz Al Ghurair, Mashreq CEO,

Through Application-to-Application (A2A), credit information will be readily accessible by credit lenders around the clock, virtually enabling sales forces and retail branches to make decisions according to defined credit parameters set at the corporate level in each institution. This in turn enables corporates to plug specific data where needed in their own systems to take decisions using the valuable data from the Bureau that has never been available through such a mechanism in the past.