EQ deals see standby contracts reach 100 lending facilities
EQ Credit Services (EQCS), the UK’s leading consumer credit technology and outsourced services provider and part of EQ (Equiniti Group plc), has recently onboarded a raft of new standby servicing contracts, bringing its portfolio (for standby alone) to 100 different lending facilities.
The company’s standby services division now protects more than 50 active lending clients across the full breadth of lending markets.
The latest new client deals include two high street mortgage lenders as well as flexible business lender iwoca, one of the UK’s top 20 fastest growing businesses for international sales, and sustainable lender Cyan Finance, whose revolutionary green banking bond funds projects such as environmental and renewables initiatives.
Richard Carter, managing director at EQ Credit Services, describes the company’s standby servicing growth: “Standby servicing is a particular niche in which we are rapidly establishing market dominance. A requirement of most funders, it involves much more than simply waiting in the background for something to go wrong. If done properly, by a company with the experience and scale to handle and support the client’s data and processes, it can actually be a real opportunity to open doors and add value.
“We have proved this by building a reputation across the whole spectrum of credit services, secured and unsecured, government backed, first and second charge and so on.”
EQ’s standby servicing clients include automotive lenders Motonovo, Blue Motor Finance and Oodle; asset finance providers Haydock and Praetura; SME lenders Capital On Tap and Tide; P2P leaders such as Funding Circle and Zopa, and 11 different providers of CBILS (now being replaced by the Recovery Loan Scheme).
Richard Carter continues: “We have observed that among our clients there is a general desire for a truly global capability in this sector, and our products and services are already set up and tested across international jurisdictions. We already have client business and permissions in territories including Australia, Germany and the Netherlands, and are currently finalising a deal with a brand operating in 182 different countries.”