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Cabot Financial Ireland strengthens its hold on the Credit Union market Print E-mail
Tuesday, 14 October 2014

14 October 2014 - Cabot Financial Ireland, a leading manager and acquirer of consumer debt in Ireland, has purchased exclusive licences from Dublin-based XRS, a leading provider of credit management software services.

The company, which is part of the Cabot Credit Management group, offers a complete end to end centralised credit management services for Irish Credit Unions and other major lenders.

Following this acquisition, Cabot Financial Ireland will immediately establish a new specialised division, Cabot Credit Union Services, to enhance its Credit Union offering and make it easier for Credit Unions to engage with members in arrears in an effective and compliant manner. 

The new set up will combine Cabot Financial Ireland’s existing core offering with XRS’s specialist software services. XRS’s proprietary software is used by major Irish and international banks, approximately 60 credit unions and major consumer telecoms providers to improve their credit management and recoveries processes.

The terms of the transaction are confidential.

Sean Webb, Chief Executive of Cabot Financial Ireland, said: “Cabot Financial entered the Irish Credit Union sector in 2009 and already has a significant Credit Union customer base. The acquisition of XRS will significantly enhance our presence in the Credit Union sector by expanding the range of services we offer to Credit Unions and adding to our client base.

“There are almost 400 Credit Unions in Ireland with total lending of €6 billion, accounting for about 25% of the total consumer lending market in Ireland. Like all lenders, each of them has to manage an active loan portfolio but many do not have the resources or can make the necessary investment and develop the skills needed to do this in-house.

“We have the specialist skills in consumer credit management and the specialist technology that will make it easier for Credit Union members to engage and for Credit Unions to manage their non-performing loans”.

(Source - Cabot Press Release)


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