Leveraging Commercial Data Interchange for digitalisation of banking processes

The HKMA encourages institutions to make the best use of Commercial Data Interchange (CDI). CDI has the potential to revolutionize banking processes and create new opportunities for corporate customers. It provides a secure, efficient, cost-effective way of exchanging large amounts of data between banks and their corporate customers. With CDI, businesses can easily access real-time financial information from their bank accounts, allowing them to make better decisions faster. The authorized institutions (AIs) integrated with the CDI have obtained more comprehensive and accurate data on SMEs’ credit profiles thanks to the improved accuracy, coverage and timeliness of the credit reference information from the CCRA. This has enabled AIs to provide a more accurate assessment of SMEs’ creditworthiness, supporting decision-making processes with more reliable data. Integrating the CDI and CCRA has helped several banks automate their credit assessment process for SMEs, reducing the time and costs associated with manual data collection and analysis. Furthermore, the integration of the CDI with CCRA has enabled banks to access up-to-date credit reports on SMEs more quickly, allowing lenders to make faster and more informed decisions when extending credit facilities to SMEs. This has benefited banks and SMEs as it has helped reduce the time taken to process loan applications and allowed SMEs to access more timely capital.

resource: https://www.hkma.gov.hk/media/chi/doc/key-information/guidelines-and-circular/2023/20230215c1.pdf


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