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Next Previous Artemis Credit Bureau: The Cypriot Faith HOME faith office
& nbsp & nbspEvagoras Prokopiou & nbsp; & nbsp;
Interview with Evagoras Prokopiou/Photos by Antonis Antoniou
Having already been in the market for 12 years, the Credit Bureau of Cyprus changes its name, renews its corporate identity and redefines its mission. & Nbsp; About 600,000 bank customers, individuals and legal entities, with loans (whether serviced or not), are in the Artemis Credit Bureau data file. From there, banks and credit card companies draw information for their customers to check their debt. For all this but also for many but talk to Insider & nbsp; Giannis Tomasidis General Manager of the Cyprus Office of Faith.
What was the necessity that led to the creation & nbsp; of the organization “Artemis Banking Information Systems LTD” (Artemis); What is a Credit Bureau?
In 2008, the gradual development of the banking system and legislative developments at European Union level made it imperative to establish a mechanism for exchanging data on lenders' credit behavior. At that time, all EU countries had such data exchange mechanisms except Cyprus, Luxembourg and Malta.
In all other EU Member States having such mechanisms, lenders' credit exchange data systems have been shown to make a significant contribution to the development and protection of the credit institution, the reduction of credit risk, the consolidation of financial transactions and the smooth operation of the financial market.
In Cyprus, the creation of Artemis Banking Information Systems LTD as the first Credit Bureau in Cyprus was an initiative of the Cyprus Banking Association and specifically of its General Manager, Mr. Michalis Kammas, who through his service abroad, found the value of the Credit Bureau for the banking sector and the economy in general. The idea of creating the Credit Bureau was embraced by the Central Bank of Cyprus. The organization took shape in 2008 through the good cooperation of the Cyprus Banking Association, the Central Bank of Cyprus and the Office of the Personal Data Protection Commissioner. The Artemis Credit Bureau was built in full compliance with the legal framework and with respect for personal data, so its operation was based on solid foundations from the beginning. Today Artemis Credit Bureau remains the only internationally recognized Credit Bureau in Cyprus.
In the international literature, the Credit Bureau (or Credit Reference Agency) is defined as a private legal entity that processes a creditor's client information to assist creditors in the process of assessing a client's credit rating. The World Bank defines the processing of banking data as a condition for the Credit Bureau.
Historically, the first Credit Bureaus appeared in the United States after the financial crisis of 1837, while in Europe they appeared a little later in England. Main purpose of Credit Bureaus & nbsp; was the exchange of information between creditors about the debt of customers who received products or services on credit. Over time, the exchange of information through the Credit Bureaus covered many sectors of the economy, was computerized and automated. Today, Credit Bureaus operate in most countries internationally. ;
The presence of the Credit Bureau in an economy solves the significant problem of information asymmetry between the creditor and the borrower as, as a rule, the borrower knows better his financial profile than the creditor to whom he is lending. Thus, through the Credit Bureau, the lender acquires a comprehensive picture of the borrower's debt and creditworthiness. It can, therefore, provide credit facilities to borrowers who have the ability to repay and thus, on the one hand, the creditor reduces the credit risk he manages in his loan portfolio and on the other hand protects the borrower from a lending, which of his disposable income, can not serve. Therefore, at the macroeconomic level, over-indebtedness of the private sector is prevented. In general, Credit Bureaus, as Data Exchange Systems, are proven to play a key role in the development of the financial system infrastructure and consequently the economy of a country and therefore are one of the three main pillars of an effective economic system, contributing to its financial stability. country.
It is noted that information in the Archive of a Credit Bureau is ancillary to the creditor and does not oblige him to make or not a transaction. But they help him make a more informed decision. & Nbsp; But Credit Bureaus do not only help creditors. Through the knowledge that they provide to the borrowers about their financial image and their creditworthiness, they help them to practice responsible borrowing. To borrow, that is, to the best of their ability and to ensure the consistent repayment of their obligations and consequently to maintain a healthy financial profile. & Nbsp;
What was the historical path of Artemis Banking Information Systems and what services did it offer?
Artemis Banking Information Systems, as the organization was originally called, & nbsp; started its operation in December 2009, initially with the voluntary participation of the four largest banks of the Cyprus Banking Association. The Artemis Archive contained data of court measures (lawsuits and court decisions) against borrowers from banking institutions due to breach of their contractual obligations for credit facilities they had received. The Archive also contained data of issuers of unsecured checks from the Central Information Archive (CAP) of the Central Bank of Cyprus, as well as data on bankruptcies of individuals and liquidations of companies from the Archive of the Registrar of Companies and the Official Recipient. & Nbsp; The legal basis for processing data in the Artemis Archive was the legitimate interest, as is the practice today in most EU countries.
What is the main purpose of the organization?
The main objectives of Artemis's operation were to support activities related to the promotion, modernization and development of the Banking System, the protection of commercial credit, the reduction of credit risk, the consolidation of financial transactions and, consequently, the smooth operation of the economy. & nbsp;
In 2012, due to the recognition of Artemis as a Private Credit Bureau by the World Bank, Cyprus received its first points in the Index “Credit-Range and Credit Information” of the Doing Business Report of the World Bank, which evaluates the competitiveness of national economies. Artemis's systemic role in the Cypriot economy began to become more apparent.
Until 2013, the other member banks of the Cyprus Banking Association joined the Artemis data exchange mechanism, as the usefulness of the Archive information in the process of assessing the debt of customers by credit institutions had begun to be proven in practice. Over time, the enrichment of the file with new categories of bank data for defaulting on borrowers began.
PERSONAL DATA MANAGEMENT
How is personal data protected?
The Artemis Credit Bureau, fully aware of the responsibility for the public interest work it performs, has developed its Archive from the beginning in such a way that the protection of the personal data processed in it is fully ensured in accordance with the provisions of the personal data laws and the instructions and instructions of the Office of the Commissioner for Personal Data Protection. In this context, the organization is fully compliant with the requirements of the General Data Protection Regulation (GDPR). the security of the information it manages. At the same time, the Artemis Credit Bureau receives, on an annual basis, a number of external audits by independent bodies. & Nbsp;
In order to serve the data subjects, Artemis Credit Bureau has a Public Service Office which processes requests of natural and legal persons for access and correction of their data in the Archive, in accordance with the provisions of the applicable regulatory and legislative framework.
< p> RENEWED CORPORATE IDENTITY
After 12 years of presence in the market what changes are coming to the content and mission of the Credit Bureau of Cyprus together with its renewed corporate identity ;
The recent renewal of its corporate identity with the renaming of the organization to “Artemis Credit Bureau” goes hand in hand with the new vision and mission of the organization which is now able to offer similar value in other sectors besides financial, through the implementation of corresponding subsystems data exchange, in the standards of advanced Credit Bureaus abroad. At the same time, we are considering the introduction of additional products for the financial sector, which, as a rule, is the backbone of a Credit Bureau.
The new vision of the organization is to be the leading and most reliable source of credit data in Cyprus for & nbsp; the support of its customers and consumers, with the constant goal of the prosperity of the Cypriot economy. This will be achieved by continuing to provide a high level of reliable information on which both the organization's customers and consumers can rely for more informed decision-making purposes. & Nbsp; Through the change of the name of the organization, the institution of the Credit Bureau is introduced in the wider economy and the offered value of the Credit Bureau is consolidated in it.
In order to achieve its mission, the Artemis Credit Bureau has set as its constant pursuit the continuous expansion of its database, but always with the absolute goal of ensuring the protection of the personal data it processes, the provision of innovative services to its customers and consumers, through high levels of service, and investment in the organization's human resources. & nbsp;
The principles of the organization remain unchanged:
• & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; The full transparency of the operating rules of the organization's data files and their precise implementation.
• & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; The absolute guarantee of the integrity of the data files of the organization. It is noted that access to the files is strictly controlled by security mechanisms.
• & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; The absolute respect and protection of the rights of the individual. Providing consumers with all information about data that concerns them and is kept in the organization's data files.
• & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; The faithful implementation of the relevant decisions of the Office of the Commissioner for Personal Data Protection and the provisions of the laws on personal data.
• & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp ; & nbsp; & nbsp; The purely ancillary role of the organization's data files. Please note that the Artemis Credit Bureau does not evaluate, judge or otherwise evaluate this data. The evaluation of the data is done exclusively by the recipient.
After 12 years of successful presence in the market and having the infrastructure, know-how, human resources and at the same time the vision to go even further for the benefit of the Cypriot Artemis Credit Bureau is ready to grow its footprint, always guided by the principles and values on which the foundation of the organization is based: The high level of professionalism, transparency, reliability, cooperation, responsibility, trust and business ethics.