The Australian Retail Credit Association (ARCA) has welcomed peer-to-peer (marketplace) lender MoneyPlace as its newest Member. MoneyPlace is the second marketplace lender to join ARCA as a Tier Four Member, a new category designed for smaller and emerging credit providers.
ARCA CEO Damian Paull said that MoneyPlace’s decision to join ARCA confirmed that peer-to-peer and other alternative lenders were a growing part of the consumer retail credit industry.
“We’re pleased to welcome MoneyPlace to ARCA’s growing membership which is expanding to better represent the broader participants in the credit reporting system. The move to comprehensive credit data sharing will lead to more high quality and diverse credit information in the credit reporting system, further fuelling the growth in technology-powered alternative lenders, including peer-to-peer (marketplace) lenders.
“As the peak representative body for the consumer credit industry, ARCA’s membership comprises some of Australia’s most trusted organisations. These include banks, credit reporting bodies, mutuals and finance providers. Earlier this year, ARCA welcomed Momentum Energy as a smaller non-financial services Member. We look forward to MoneyPlace adding their dynamic voice in developing solutions to challenges facing the credit industry.”
MoneyPlace CEO Stuart Stoyan said, “MoneyPlace is a group of like-minded, energetic people who believe that personal lending in Australia is ripe for disruption. We want to ensure our voice, and the voice of our customers, has a seat at the industry table. I look forward to that opportunity as a guest speaker on ‘disruption in Australian financial services’ at the 2015 ARCA National Conference this week.”
Comprehensive credit reporting (CCR) in Australia was enabled in March 2014. Over time, CCR will lead to better lending decisions and access to credit for consumers through new and improved data in the credit reporting system.
MoneyPlace Chief Risk Officer Paul Abbey said, “MoneyPlace is excited to be contributing comprehensive credit reporting data that will highlight good repayment behaviour by consumers and provide access to low interest rates for people with an excellent credit file. We also fully support the ongoing education of Australians around how their credit file works, how it can work for them and the responsible use of credit.”
MoneyPlace joins a range of expert speakers and over 350 industry delegates at ARCA’s third National Conference: Harnessing Disruption and Innovation which will be held from 11-13 November on the Gold Coast.
"It is an exciting time to innovate and improve the credit reporting system for the benefit of industry and consumers. It’s encouraging that MoneyPlace wants to be part of this important conversation which will ultimately shape the future of the consumer credit industry,” said ARCA CEO Damian Paull.
