Technology applied to finance
Until recently, Fintech – products and services with a high technology content applied to financial services – had never ventured into the world of non-performing exposures (NPE).
But now, to achieve its goal of developing, digitalizing and improving the efficiency of NPE management and recovery processes, the Prelios Group has developed BlinkS, Italy’s first eco-system for distressed loan trading.
BlinkS guarantees a broader range of sales opportinities, better quality for investment data and information and, at the same time, a sharp reduction in transaction times and costs, so opening up new opportunities for all market players.
An initiative that contributes to the derisking of the Italian banking system’s NPL portfolio: the sustained growth between 2008 and 2015 was followed by a significant portfolio reduction, in part thanks to PRELIOS, a pioneer in the set-up of GACS, the Italian State guarantee and securitization scheme for NPL stocks.
The digitalization of the European economy is one of the cornerstones of the European Union’s recovery plan, and so has maximum priority for the Italian economy too. To encourage and support the ongoing growth of fintech initiatives, the Bank of Italy is building a formal network to underpin the national banking/financial system.