27th May 2022 - Credit Connect

Government announces cost of living support – Industry reaction

27th May 2022 Consumer Collections | #cost of living #energy

The Government has announced a £15 billion package of support for UK households as inflation hits a 40-year high and energy bills soar. Measures, including a £400 discount on energy bills for all households and a £650 one-off payment for the poorest, will be partly funded by a windfall tax on oil and gas companies. These…

Life becoming unaffordable for pensioners on low and modest incomes

27th May 2022 Arrears and Recoveries |

Life is fast becoming unaffordable for many older households on low and modest incomes, with millions unable to pay for basic items, according to a new report by Age UK. The charity is warning that those on the very lowest incomes are spending almost a fifth (18 per cent) of their after-tax household income on…

Buy Now Pay Later global transaction value reached $120bn in 2021

27th May 2022 Alternative Consumer Lending | #Buy now pay later

Buy Now Pay Later (BNPL) popularity as an alternative payment option, has been highlighted by GlobalData’s latest report, revealing that the global transaction value for BNPL payments reached $120 billion in 2021, and is set to reach $576 billion by 2026. BNPL made up 2.3% of the global ecommerce market, or, in other words, for every…

Delayed payments and insolvencies are predicted to rise

27th May 2022 Commercial Collections and Recoveries | #business insolvencies #late payment

Delayed payments and insolvencies are predicted to rise in the consumer durables retail sector this year, reveals leading trade credit insurer Atradius. In its latest Industry Trends report on the retail sector, Atradius emphasises the importance of maintaining close working relationships with retailers, and acquiring real-time insight, as the key to navigating the next six months. Increasing…

Nearly half of consumers using loyalty schemes to combat living costs

27th May 2022 Consumer Collections |

Nearly half of consumers (42%) are using loyalty schemes to combat the cost of living, according to market research by loyalty eWallet and Swapi. This research has shone a light on the current consumer loyalty trends and the reliance on retail loyalty schemes to help combat rising costs. This was mirrored in the amount of money…

Businesses hit the brakes on people and business investment

27th May 2022 Commercial Credit Management |

Middle market businesses have hit the brakes on crucial people and business investment as inflationary pressure, recessionary fears, wage pressures and staff shortages all converge to reduce confidence. RSM UK’s latest Middle Market Business Index (MMBI), the first economic index to focus solely on middle market businesses in the UK, showed that fewer firms (41%)…

Pepper Advantage appoints new CFO

27th May 2022 Appointments |

Global credit intelligence company, Pepper Advantage has announced the appointment of Anna Agafonova as Group Chief Finance Officer. Formerly Group CFO at SWIFT, Agafonova was responsible for the execution of SWIFT’s business strategy and priorities, driving the company’s growth and performance, digital transformation, including robotics and machine learning, and leading a team of 200+ finance,…

CRIF launches open banking invoice financing service

27th May 2022 Commercial Collections and Recoveries | #business open banking

Credit information provider, CRIF has announced that it has partnered with invoice financing provider Penny to utilise open banking to enable invoice payments. The new service utilises CRIF’s Credit Passport®, which uses open banking data to provide a real-time, secure way of speeding up the decisioning process for lenders and providing transparency and advice for…

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