133303Credit Passport RT for PSD2ClosedFeasibility StudiesInnovate UKThe lifeblood of a successful economy is its ability to allow credit to flow to where it is needed at the right risk level.For SMEs this is not happening efficiency.Since the 2007/2008 crisis, SMEs access to credit has weakened and lenders SME portfolios have suffered losses. Existing risk assessment systems have reinforced the problem. Scoring systems typically use data reflecting businesses financial performance 15--18m ago. Cash flow crises, one of the major causes of SME defaults, can originate in just 2--3 months, causing financially stable considered businesses to close. That is, balance sheet information, by definition, cannot capture the credit event. This lack of updated information hinders credit stability driver identification. Payment Services Directive is a positive step in this respect allowing: a)real-time credit information access and b)third-party access to granular banking data.Credit Data Research (CDR), leveraging on PSD2 and Open APIs, will build real-time credit risk assessment applications, for its users and subscribers; for the French, Italian, Spanish and German markets. CDR's solution, making use of the Open Banking technology, is market disruptive and will enable creating a level playing field for SME credit scoring across Europe before expanding for the rest of Europe. Details have been provided below alongside references contained in the Appendix for Question 7\.