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ARYZA PARTNER WITH THE VULNERABILITY REGISTRATION SERVICE

Aryza has recently joined the Vulnerability Registration Service (VRS), a move that will help consumer lending clients better identify vulnerability and support customers.

The VRS is the UK’s first central vulnerability database and provides people with a single place to register their vulnerable status – completely free of charge.

Financial vulnerability includes individuals in financial distress, with mental health problems, at risk of financial abuse, victims of fraud, and their representatives, such as those with power of attorney.

Through the integration, all lenders using the Aryza Sentinel Loan Management system to support their loan applications will automatically be able to check against the VRS database.

Should a vulnerable customer apply for a loan, the system will automatically flag their status during the origination process and this includes customers at risk of fraud.

Paul O’Sullivan, Aryza Lending Division CEO, commented on the new partnership:

“By integrating with the Vulnerability Registration Service, we can now provide an extra layer of protection to both lenders and consumers – especially at a time when lenders are seeking new and more streamlined ways to keep pace with regulatory changes.

“Not only will this improve operational efficiency for over 200 businesses already using the Aryza Sentinel Loan Management system, it will also allow them to better identify vulnerability and put in place the most appropriate steps in their underwriting process to deliver the best possible outcome.”

Helen Lord, Director of The Vulnerability Registration Service continued:

“Over the past few months, we’ve seen an increase in the number of organisations joining the VRS which is a really positive step for the industry as a whole. As more organisations come together to share data and access our database, the more support vulnerable people will receive.

“Once an organisation has registered as a member, they can check against the database to identify where vulnerability exists in order to reduce debt, financial problems and harm amongst vulnerable customers.”

To find out more about Aryza, visit the website, https://www.aryza.com

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