Akoni, the digital cash treasury manager company, today announced it has partnered with Fitch Solutions to offer Financial Implied Ratings (FIRs) through the Akoni platform.
FIRs from Fitch Solutions will enable Akoni to offer clients an impartial assessment of the credit worthiness for many banks, building societies and other non-bank financial institutions included on the platform, that may not be rated by one of the “big three” rating agencies. The Fitch FIRs provide an indicator of the standalone financial strength for 23,800 banks globally including over 20,500 unrated banks using a 19-point scale starting from ‘aaa’ at the upper end, down to ‘c’ at the lower end of the credit spectrum.
Akoni ensures maximum deposit returns for its clients through the portability of cash and cash management tools that lets users choose the best deposit accounts for their cash and savings – with the best interest rates. The platform is available directly to businesses, not-for-profit organisations, charitable trusts and high net worth individuals. Clients can register to view the full marketplace of business deposit products from more than 80 UK banks and building societies, and then choose to instruct Akoni to execute deposit transactions on their behalf.
“Fitch Solutions’ Financial Implied Ratings (FIRs) provides our clients with a valuable risk-weighted input into their credit decision making process,” said Felicia Horowitz Singh, CEO of Akoni. “With this solution, users will have a better independent expert view to help them compare the products from different banks and make a risk weighted decision on which banks or building societies to make deposits with – taking into account their credit rating.”
Fitch Solutions offers the most extensive coverage of fundamental data for UK banks available in the market. The Fitch Solutions Financial Implied Ratings are a statically robust estimate of the standalone financial strength for UK banks. The data is regularly updated and distributed daily.