Credit, Collections & Insolvency News
Digital mortgage platform Koodoo has announced that it has selected challenger credit reference agency Credit Kudos as Open Banking provider to deliver a better end-to-end digital mortgage journey. Koodoo works with over 40% of the UK mortgage lending market and powers the mortgage categories for 45% of the UK price comparison market to intelligently connect…
Read more
Four in five UK consumer credit applicationswere declined due to lack of data with UK lenders declining up to 1.8 million consumer credit applications worth £10.6 billion last year. The credit applications were rejected to a lack of information about the consumer, rather than poor credit histories or genuine affordability concerns, according to a study…
Read more
Here is an overview of The Money Charity’s latest statistics for October 2020 Personal debt in the UK People in the UK owed £1,684 billion at the end of August 2020. The average total debt per household, including mortgages, was £60,526 and per adult was £31,972, around 111.5% of average earnings. Net mortgage lending rose by…
Read moreFinance experts TotallyMoney have warned that those experiencing financial hurt due to coronavirus could see their credit scores suffer for six years as protections are taken away for over quarter of a million people still on payment holidays. A blanket end on 31st October to granting payment holidays on mortgages, credit cards, loans, and overdrafts…
Read more
Credit Connect’s hosted it’s first-ever Online Collections Technology Think Tank last week which saw collections strategies and the impact of the pandemic discussed by eleven collections professionals from a variety of industry sectors. The themes of business transformation, customer engagement, vulnerable customers, affordability, and open banking collections were discussed by panelists and Chair Vanessa Northam…
Read more
The Open Banking Implementation Entity (OBIE), the body set up by the Competition and Markets Authority (CMA) to deliver open banking in the UK, has announced that over two million customers are now using open banking-enabled products. The figures represent a significant upswing in the use of open banking technology despite the disruptive effects of…
Read more
The Credit & Collections Technology Awards, which recognises technological innovation in the credit and collections industry for companies and individuals who have done the most outstanding work in the past year is set to announce the winners via an online webinar ceremony on Thursday 19th November. This year’s online Awards ceremony will replace the face-to-face…
Read more
Tesco Bank is to become the first UK bank to introduce new technology that allows its 2.6 million credit card customers to more easily manage and pay their balance. The ‘Pay by Bank’ facility will be provided by Tesco Bank and enabled by Mastercard’s Open Banking Connect™ service. It allows Mobile and Online credit card…
Read more
The finalists for the fourth annual Credit & Collections Technology Awards, the UK’s celebration of technology innovators in credit and collections, have been revealed. The Credit & Collections Technology Awards, organised by Credit Connect, brings together credit and collections technology executives to honour the industry’s leading players across 19 categories. The technology focused-Awards scheme seeks to champion…
Read more
Bottomline, a provider of financial technology that makes business payments simple, smart and secure, has announced the launch of Pay Direct. This new Open Banking payment initiation service gives companies a more efficient and cost-effective way to receive online payment from customers. Bottimline says that new product is an alternative to the raft of payment…
Read more
Consumer finance specialist, BNP Paribas Personal Finance has announced that it will use Experian’s Open Banking technology and Aryza’s Debtsense digital platform to provide round-the-clock online account reviews to customers who have been affected by the Covid-19 pandemic. The company says that has moved quickly with its partners to put the solution in place inside…
Read more
Open Banking platform and applications provider OpenWrks has been selected by the Money and Pensions Service (MaPS) to provide digital affordability assessments as part of their digital enhancement to debt advice. With the aim of streamlining and increasing the volume of debt advice sessions consumers receive, The Money and Pensions service selected OpenWrks to supply…
Read more
The Financial Conduct Authority has launched its updated Financial Services (FS) Register – including a simpler design and clearer language. The redesign aims to help consumers protect themselves from harm and will provide a better experience for the Register’s users. The Register – which had more than 7 million unique users in the past year…
Read more