The current Central Individual Credit Register CICR (CKP/CCP) application has grown old and outdated and will not be supported by the NBB IT infrastructure anymore from 2024 onwards. The NBB has decided to integrate CKP/CCP into the BECRIS application as of October 2023.
Information on credits for corporations was already included in the scope of the BECRIS reporting towards the National Bank of Belgium since 2016. However, the NBB recently announced that the Central Individual Credit Register CICR will be migrated and included in BECRIS as well. Over the last few years financial institutions reporting corporate loans in BECRIS have been subject to challenges and issues in terms of data quality, submission processes and retrospective corrections due to the inherent complexity of the BECRIS application. This means that as from October 2023, the reporting for private loans will become considerably more complex as well with more complicated taxonomies, submission data models and dictionaries.
The database migration itself from the current CKP/CCP database to the new BECRIS-ICR database will be taken care of by the NBB itself since it implies an important workload and risks for the BECRIS-ICR project. There will be no data migration foreseen for ENR, since the data is incomplete as it is registered now. However, reporting agents will have to declare the existing contracts when the new date enters into force.
When will you need to start reporting?
The transition towards BECRIS-ICR will happen in two phases:
1/ Transition phase 1: 06/2023 – 09/2023: volunteers will test a beta phase in production with real data and will have to report temporarily in both systems (CKP/CCP and BECRIS-ICR).
2/ Transition phase 2: 10/2023 to 01/2024: pre go-live phase in which all the institutions will have to report their data in the production environment of BECRIS-ICR. Reporting will be mandatory in both systems.
The go-live of the BECRIS-ICR project will be January 2024.
My institution never reported on BECRIS before?
Integrating CKP/CCP in BECRIS means institutions who were only reporting in CKP/CCP will now need to find a solution and a trusted partner for their BECRIS reporting. For institutions already reporting in BECRIS but facing challenges or inefficient processes the integration of CKP/CCP is the ideal moment to reconsider their current processes and tooling. The following institutions are concerned:
- credit institutions
- social lenders
- instalment sellers
- other financial institutions providing consumer credits
- insurance companies and other lenders providing mortgage loans
- credit insurance companies
- debt collection agencies.
b.fine’s reporting platform b.rx supports large and smaller financial institutions in their reporting process and covers BECRIS reporting as well. Through a number of key differentiators in terms of data visualisation, validations and audit trail b.rx allows its users to remain fully in control of the challenges of BECRIS reporting.
Contact our team to see how we can help you prepare for BECRIS-ICR.