Everyday Loans automates IFRS 9 compliance with Jaywing
Complying with IFRS 9 without “lengthy and complex delivery project”
Everyday Loans, a UK-based provider of “loans for bad credit”, has signed for Jaywing’s Horizon solution for IFRS 9 modelling and provision calculation.
Horizon uses machine-learning techniques and will be delivered in a hosted environment, “dramatically cutting the amount of design, test and deployment effort that would otherwise be required in a typical modelling project”, says Jaywing.
Everyday Loans “recognises the need to comply [with IFRS 9] without wanting to engage on a lengthy and complex delivery project”, it adds.
Jaywing says its “extensive experience” and “proven methodology” will also help to speed up the process – 14 lenders in the UK are already on Jaywing’s customer list, including Nationwide Building Society, Coventry Building Society, Royal Bank of Scotland (RBS) and Shawbrook Bank.
Everyday Loans’ head of credit risk, Jason Bovington, comments that the team “was impressed” with the system’s automation capabilities.
“Horizon is cost-effective, gives us the models we need, frees up our analytical resource, and produces a completely refreshed set of optimised models each time it runs,” he states.
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