RedAmberGreen Q4 2022

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ADP helps support Iceland’s Food Club LendingMetrics’ ADP platform has been integral in the support of Fair For You’s latest initiative with high street retailer Iceland.

Custom Credit choose ADP

“‘We are delighted that Fair For You has decided to utilise the best-in-class features of ADP to underpin the onboarding of borrowers for the Iceland Food Club. Our platform gives users unmatchable insight into the finances of prospective borrowers, enabling them to make optimal affordability decisions.”

The Iceland Food Club is a unique scheme designed to help households avoid food poverty and get a better handle on their finances. It builds on affordable finance provider Fair For You’s award-winning work supporting financially-excluded households to buy essential items, avoid hardship and build financial resilience. Fair for you has harnessed ADP’s auto- mated underwriting technology to assess users; providing rapid real-time screening of prospective borrowers, ensuring affordability and compliance parameters are met. The innovative credit scheme, which is now available nationwide following regional trials, offers microloans of between £25 and £100 to those needing

to smooth out their income. Anyone can apply and, if successful, credit is loaded onto a card that is used in store or online. During the pilot phase, custom- ers paid interest on loans, but for the national rollout Iceland has decided to invest in making all loans interest-free. Iceland Food Club has been supported by HM Treasury, Nesta's social enter- prise Challenge Works and the Esmée Fairbairn Foundation in addition to being nominated for a prestigious Global Good Award. To learn more about the initiative and how to apply, visit the Fair For You website.

Custom Credit is set to use LendingMetrics' Auto Decision Platform (ADP) to speed up decisioning and take its clients’ borrowing experience to the next level. The Sussex-based lender, which specialises in tailoring their loan to their borrower’s needs to ensure optimal outcomes, will be utilising the multi-award-winning underwriting solution in the coming weeks to assess individual applicants' affordability. They also provide customers with that information on a monthly basis to give them a new level of insight into their personal finances.

The digital investment underpins Custom Credit’s focus on using Open Banking data, advanced analytics and state-of-the-art technology to bring together a customer’s financial information and upgrade their personal loan experience. Custom Credit selected ADP after considering the platforms offered by a range of other providers. The API is a next-generation private-cloud- based solution that enables credit risk professionals to create and manipulate decisioning logic in real time, whilst delivering automated decisions in seconds through direct interaction with customers.

David Wylie, Commercial Director of LendingMetrics, said: ‘We’re pleased that after considering the alternatives, Custom Credit has decided that ADP offers the best, future proofed solution. Our team are looking forward to working closely with the company on its next exciting phase of digital development.’ Damien Burke, Founder and CEO of Custom Credit, added: ‘Based on previous experience with LendingMetrics, it was an easy and straightforward choice to adopt ADP. It will help us to provide consumers with the flexibility to stay on track with their finances.’

David Wylie Commercial Director, LendingMetrics

14 | RedAmberGreen

Q4 | 2022

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