ING has partnered with genesis, the Low Code Application Platform for financial markets, to streamline its credit and political risk insurance (CPRI) globally.
The partnership aims to launch a deal-flow and portfolio application dubbed Credit Insurance Application (CIA), which is expected to fuel digitisation across the $300bn global CPRI market.
CIA is designed to revamp the existing process with a tailored approach to enhance data and reporting tools, and to boost connectivity during the end to end credit insurance process.
The application was spearheaded by ING’s London Innovation Lab.
genesis’s Low Code Application Platform, combined with cloud hosting, is said to offer faster deployment, increased functionality and control, and a material reduction in data processing errors.
Additionally, it can be customised to connect to external market platforms and combined with existing internal systems.
ING CPRI head Jean-Maurice Elkouby said: “By joining forces with genesis, we created a tailored solution that will drive efficiency. Innovation is in ING’s DNA and I’m delighted that our London Innovation Labs has driven this to transform market practice in very traditional market.
“London’s fintech sector continues to be a centre for innovation and expertise, and we look forward to working with our partners to lead improvements in market practice across the board.”
genesis’ Low Code Application Platform is expected to be launched across all main bank users this month.
Commenting on the new development, genesis CEO Stephen Murphy said: “The Credit Insurance Application is unique to the market and has allowed us to maximise the very latest technology to fully optimise efficiency through automated workflows.
“It will allow for consistency in data and reporting in a multi-billion-dollar industry. We are very much looking forward to continuing our collaboration with ING to bring new, innovative solutions to this market.”