COSTA MESA, CA – Experian-Scorex, the global decision solutions business of Experian®, has announced that CIT Brazil, a part of CIT Group Inc, will implement its Transact SM application processing and decision support solution with its new business management environment. Managed and hosted by Experian-Scorex, the web-based solution will manage CIT’s application process, accessing both internal and external data sources, such as credit bureau, to enrich the new applicant data. Transact SM will allow CIT to make faster and more appropriate lending decisions to support its continued portfolio growth.
Founded in 1908, CIT has nearly $50 billion in assets under management and possesses the financial resources, industry expertise and product knowledge to serve the needs of its clients in more than 30 industries. It holds leading positions in vendor financing, factoring, commercial and corporate aircraft financing, rail car and locomotive financing, construction financing, small business administration loans, and asset-based and credit-secured lending. CIT clients range from homeowners to small businesses to many of the world’s largest and most respected multi-National corporations.
“Experian-Scorex has been successfully supporting CIT’s UK and European operations for some years. This certainly influenced our decision because, with its proven track record, we knew that it could deliver,” said Roberto Mendez, vice president and CIO of CIT Vendor Finance Latin America. “But we also wanted to work with an organization which understands the local market conditions and challenges. Experian-Scorex has a local office here in Sao Paulo where the solution will be hosted, so we know that it will work closely with us at every stage of the project.”
The Transact SM solution, part of the Strategy Management suite of products, combines data connectivity, application workflow and sophisticated decisioning using the latest Strategy Management Generation 3 technology. The solution provides the credit manager with the ability to control the whole decisioning process from the point of application through to new account set- up. Transact SM supports multi-bureau connections, centralized operational workflow with web-based distribution, the deployment of credit scorecards, customer segmentation, credit decisioning, terms settings and champion/challenger testing. Its sophisticated rule base is rapid and robust, which makes it ideal for online, mission critical environments where continuity and up-time are crucial.
“Transact SM is a very flexible application processing system, and in this instance will be executed as a hosted web-distributed solution. This will minimize IT infrastructure changes for CIT and, while we are running the applications processing system on a day-to-day basis, the strategy definition environment will be controlled by CIT at its site,” said Walt Ramsey, president, Experian-Scorex North America. “CIT will be able to maintain all of its business rules, scorecards and policies from a single Strategy Management PC front-end. CIT is building up its operational capability in Brazil and we are pleased to be supporting that growth, and continue to expand our global relationship with the company.”
