Nearly half of large financial institutions have adopted Open Banking

16th June 2022 Consumer Lending |

Nearly half (43%) of all large financial institutions have already adopted Open Banking according to a new report from API-driven identity management company Curity. The research shows that nearly half of all large institutions in the finance industry have already adopted Open Banking, with almost three-quarters (70%) planning to adopt it in the next 18…

Read more

CMA publishes Open Banking report

The Competition and Markets Authority (CMA) has published the findings and recommendations of a review by Kirstin Baker, one of its independent non-executive Directors, to identify lessons from Open Banking for the CMA’s approach to designing, implementing and monitoring remedies in its market investigations. Open Banking was introduced following the CMA’s Retail Banking Market Investigation,…

Read more

PSR report identifies solutions to enable more people to use digital payments

11th May 2022 Consumer Lending |

The Payment Systems Regulator (PSR) has welcomed the PSR Panel’s newly published Digital Payments Initiative report. The report, commissioned by the PSR, highlights the challenges to the take-up of digital payments and what the potential solutions and regulatory actions could look like. The Initiative concluded there are four high-level areas of focus to address to…

Read more

Yonder and Yapily agree open banking partnership

21st April 2022 Consumer Lending |

Credit card startup Yonder has partnered with open banking platform Yapily to provide consumers access to credit without needing a UK credit score. With recent research by Experian, showing that over 5 million people in the UK – 9% of the total adult population – have little to no credit history, greatly reducing their access…

Read more

CMA announces next steps on future oversight of Open Banking

28th March 2022 Consumer Lending | #open banking

The Competition and Markets Authority (CMA) has published its recommendations for the future oversight and governance of Open Banking. The CMA’s recommendations will be taken into consideration in the design of a future entity to succeed the Open Banking Implementation Entity (OBIE). The future entity would build on the significant progress made to date by…

Read more

CMA criticises banks over Open Banking breaches

The Competition and Markets Authority (CMA) has criticised Lloyds and Barclays for mistakes made when giving information to price comparison websites, potentially misleading customers and breaking open banking rules. The CMA outlined a number of instances where the two banks breached the 2017 Retail Banking Market Investigation Order in relation to open APIs. The CMA said both…

Read more

OBIE appoints new Chief Executive

The Open Banking Implementation Entity (OBIE) has announced the appointment of Henk Van Hulle as the organisation’s first Chief Executive Officer. The creation of this new position was recognised in the CMA’s recently published updated governance arrangements for the OBIE, as part of a package of changes that deliver a strong and effective governance and…

Read more

Tink launches income verification service

25th January 2022 Company News |

Open banking platform, Tink has announced the launch of ‘Income Check’ in the UK – a service that streamlines income verification using open banking technology. Tink’s Income Check product allows banks and lenders to instantly verify a person’s income using secure and real-time data directly from their bank account. Using face recognition or with a…

Read more

Coventry Building Society launches new customer affordability tool

12th January 2022 Company News |

Coventry Building Society has launched a new online affordability tool to help mortgage customers facing financial difficulties. The tool, delivered by fintech Paylink Solutions, allows customers to self-serve and provide their affordability using SFS guidelines. They can also be seamlessly referred for free debt advice to Paylink Solutions’ sister company, PayPlan, to support them with…

Read more

Ecospend and Contis agree Banking-as-a-Service partnership

Open Banking technology specialist, Ecospend has announced that it is partnering with European Banking-as-a-Service (BaaS) provider, Contis. Contis offers a range of BaaS products to its customers across a variety of sectors, including cloud-based, real-time accounts and payments solutions. By integrating Ecospend’s ‘pay-by-bank’ technology, Contis’ customers will have the option to make account-to-account payments, as…

Read more

Fear of rejection putting off millions of borrowers

15th December 2021 Consumer Lending | #consumer lending

Millions of people in the UK are being put off accessing credit products because they fear a rejected application could harm their chances of a loan in the future, according to new analysis from Freedom Finance, one of the UK’s leading online consumer lending platforms. The research shows that more than one in 10 (11%)…

Read more

Open Banking adoption in lending predicted to hit 70% in next two years

10th December 2021 Consumer Lending | #open banking

A new report published today by Open Banking credit reference agency, Credit Kudos has found that nearly nine in ten (87%) of those say they plan to adopt it within the next two years, meaning that by 2023, seven in ten lenders (70%) overall are expected to be using Open Banking. One in four lenders…

Read more

Ecospend and London Mutual Credit Union agree ‘pay-by-bank’ services partnership

7th December 2021 Company News | #open banking

Ecospend, a UK provider of Open Banking APIs, has announced a partnership with London Mutual Credit Union that will enable ‘pay-by-bank’ functionality to its customers. The change will result in real-time money transfers, driving the credit union further towards its vision of achieving a friction-free experience for customers. As the largest credit union in the…

Read more

1 2 3 15