The Financial Conduct Authority (FCA) has set out its business priorities for the year ahead – with specific focus on the challenges presented by the coronavirus (Covid-19) pandemic. In responding to the challenge of coronavirus the FCA will focus on ensuring that financial services businesses give people the support they need, that people avoid scams,…

StepChange Debt Charity has announced that it is entering into an exciting new partnership with fintech innovator OpenWrks to bring the opportunities offered by Open Banking into its services. StepChange’s new Money Coaching tool, which will be made available to clients accessing support with their persistent credit card debt, will utilise OpenWrks’ sector-leading Open Banking…

Yobota, the cloud-based banking platform provider, has selected fintech, Credit Kudos, as its open banking credit bureau, allowing Yobota customers to significantly improve affordability and credit risk modelling. Currently, financial institutions are operating on complex, legacy technology architectures many of which were developed in the 1970s/80s. This not only increases operational cost and risk but…

Buy to let mortgage lender Molo has announced an open banking technology partnership with Experian. Molo is the UK’s first fully digital mortgage lender has streamlined the traditionally painful mortgage process, granting near-instant decisions, along with fair, secure, direct-to-customer lending. No paper, no appointments, no middlemen and no months of waiting for a decision –…

Specialist consumer lender, 1st Stop Group has announced an open partnership with AccountScore. AccountScore provides actionable insights and analytics on bank transaction data for its clients. The partnership will enhance the service 1st Stop offers customers, enabling them to use Open Banking to monitor their financial fitness and identify areas for improvement. The data provided…

Two years on from its launch in the UK, only three fifths (60%) of UK small business decision makers know about Open Banking and are therefore unaware of the profound differences it could make to their business, and the global economy. A new report from intuit QuickBooks has revealed the findings of its global research…

In the year up to November 2019, UK households borrowed almost as much as the Government, demonstrating that debt remains both a private and public sector issue, according to the January 2020 Money Statistics, produced by The Money Charity. The latest data available from the Bank of England and ONS shows that UK households borrowed almost…

Here is an overview of The Money Charity’s latest statistics for January 2020 Personal debt in the UK People in the UK owed £1,669 billion at the end of November 2019. The average total debt per household, including mortgages, was £59,982 and per adult was £31,643, around 111.6% of average earnings. Net mortgage lending rose…

With today marking two years since the implementation of the Second Payment Services Directive (PSD2) in the UK, the Federation of Small Business (FSB) has highlighted figures which show the minimal impact of the legislation to date. The FSB says that PSD2 paved the way for Open Banking – a set of interfaces which give consumers…

Today (13th January 2020) is the two-year anniversary of Open Banking implementation. In response to the anniversary, an Open Banking Expert at Equifax believes that broadening Open Banking platforms will be a turning point in its drive to mass adoption in the year ahead. Robert McKechnie said “Open Banking, which was brought into inception two…

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