TORONTO, June 18,
2024 /CNW/ - As Canada continues to welcome
significant numbers of immigrants this year, Royal Bank of
Canada (RBC) is committed to being
their bank of choice by creating tools and resources designed to
improve newcomer arrival experiences. Today, RBC is announcing the
launch of Global Credit Connect with Nova Credit, a
cross-border credit bureau, to help eligible RBC newcomer clients
leverage their international credit history in Canada.
Financial products can help give some newcomers more financial
breathing room while they find and furnish a place to live, secure
work opportunities, and adapt to life in a new country. However,
newcomers to Canada are currently
treated as "new to credit," meaning they cannot use their home
country credit history to access appropriate credit products and
solutions for their unique situations.
Global Credit Connect is a new RBC capability that
helps solve this problem by giving eligible clients the ability to
translate their home country credit score and history into a
Canadian equivalent, which can then be used in applications for RBC
credit products and solutions.
"Every newcomer has a unique journey arriving in Canada, but many face similar roadblocks
trying to access the right financial tools for their situation,"
said Janet Boyle, senior vice
president, Home Equity Financing & Newcomer Strategy at RBC.
"We're excited to work with Nova Credit to launch Global Credit
Connect and create a simpler way for eligible newcomers to make
a successful financial transition in Canada."
RBC is collaborating with Nova Credit to use their Credit
Passport® product to deliver a real-time standardized credit
history translation for Global Credit Connect. Eligible
clients will complete an online application through Nova Credit
that uses their home country credit bureau information such as
tradelines, risk attributes and inquiry history to create
equivalent credit scores for Canada.
"We are proud to partner with RBC to power Global Credit
Connect with the Credit Passport®, unlocking access to
credit data from over 2.7 billion individuals worldwide," said
Collin Galster, COO at Nova Credit.
"This partnership is a significant step forward in our commitment
to newcomers to Canada, helping them arrive and thrive with
access to suitable financial products and services."
Global Credit Connect is currently available in
participating RBC branches across Canada. Visit RBC's website
to learn more about other services and products available to
newcomers.
To learn more about Nova Credit, visit
https://www.novacredit.com/canada.
About RBC
Royal Bank of Canada is a
global financial institution with a purpose-driven, principles-led
approach to delivering leading performance. Our success comes from
the 98,000+ employees who leverage their imaginations and insights
to bring our vision, values and strategy to life so we can help our
clients thrive and communities prosper. As Canada's biggest bank and one of the largest
in the world, based on market capitalization, we have a diversified
business model with a focus on innovation and providing exceptional
experiences to our more than 18 million clients in Canada, the U.S. and 27 other countries. Learn
more at rbc.com.
We are proud to support a broad range of community initiatives
through donations, community investments and employee volunteer
activities. See how at rbc.com/community-social-impact.
About Nova Credit
Nova Credit is a credit infrastructure and analytics company
that enables businesses to grow responsibly by harnessing
alternative credit data. The company is a CRA that leverages its
unique set of data sources, bank-grade infrastructure, compliance
framework, and proprietary credit expertise to help lenders fill
the gaps that exist in traditional credit analytics. Nova Credit
serves as the bridge between data and credit excellence, providing
a comprehensive platform of solutions designed to give lenders
across various industries - including finance, fintech, property
management, telecom, and automotive - a competitive edge in the
open finance era. Its cross-border credit product, Credit
Passport®, cash flow underwriting product, Cash Atlas™, and income
verification product, Income Navigator, are used by leading
organizations like American Express, Verizon, HSBC, SoFi,
Scotiabank, and Yardi. Nova Credit is backed by investors including
Kleiner Perkins, General Catalyst,
Index Ventures, and Canapi Ventures.
SOURCE RBC Royal Bank