Credit, Collections & Insolvency News
A petition demanding government action against High Street lenders has been started by the director of UK credit reference agency LendingMetrics. The petition – lodged this week, alleges that some clearing banks are systematically discriminating against start-ups by refusing to open business current accounts for them. Signatories claim there is a growing number of non-mainstream…
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Trade Ledger, an open banking platform for business credit automation & Nimbla, the pioneering trade credit insurance platform have announced a new partnership to streamline trade finance & insurance processes for banks and lenders. The partnership will be the first time two Banking-as-a-Service (BaaS) platform providers have come together in the corporate lending sector but…
Read moreLending platform Freedom Finance has launched its first Open Banking platform to a panel of lenders for secured loans. The announcement follows a Freedom Finance industry workshop, in partnership with AccountScore and Equifax. This brought together both large and challenger banks to discuss a common Open Banking goal – to provide customers with better-informed options…
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M&S Bank has become one of the first mortgage providers to enable open banking assisted mortgage applications. The open banking enabled mortgage journey means most customers will no longer need to source and supply copies of bank statements to support their mortgage application. Using the open banking assisted journey, this documentation will be immediately and…
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LendingMetrics has announced that it has agreed on an ADP platform partnership with Evolution Money. By using Lending Metrics ADP, Evolution will be able to make credit decisions within milliseconds and build rules, scorecards and matrices using a variety of data sources. LendingMetrics’ Director David Wylie said “ADP forms an important part of Evolution’s growth…
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AccountScore, and The Insolvency Panel has announced the launch of the first ever Open Banking solution for the debt advice and debt solutions sector. The service, going live in February, will use AccountScore’s Open Banking platform consents.online to instantly auto-populate consumers’ income and expenditure information, direct from their current account, in complete compliance with the Standard…
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Reservations about data security pose the biggest challenge when it comes to increasing consumer adoption of Open Banking, according to a new white paper from credit reference agency and information solutions provider, TransUnion (formerly Callcredit). Based on research with both consumers and financial sector decision-makers across the UK, the study found that consumers cite the…
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Experian has launched the first affordability check for gaming websites, The new service which will assist in ensuring people gamble affordably. The affordability check can be made at the most appropriate point for customers, such as when there is a change in their account behaviour or specific behaviour may indicate an increased risk. A total…
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Consumer credit firm Omni Capital Retail Finance has agreed a partnership to use an automated decisioning platform (ADP) from LendingMetrics. The finance provider, which is owned by Castle Trust Capital, has chosen Lending Metrics’ ADP platform to support its OmniPort credit approval system, which allows customers to purchase immediately at point of sale using a paperless…
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LendingMetrics has unveiled a range of upgrades to its award-winning automated decisioning platform. The data analytics specialist’s ADPv2 gives lenders faster response times and the ability to better fine-tune their lending decisions. The latest version of the low-cost Open Banking-ready technology is being rolled out this week to users across the UK and internationally. David…
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A new industry careers site for the credit industry and collections industry has been launched by Credit Connect Media. The website is a careers platform which aims to connect the UK’s top credit and collections industry talent with the best career options. Credit-connection.co.uk is an industry careers website sharing the latest job vacancies and a training course…
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Three-quarters (74%) of businesses in the UK surveyed by Centtrip, the international payments, treasury management and foreign-exchange specialist, believe they will benefit from Open Banking within two years. Introduced in January 2018, Open Banking was designed to give customers and companies control of their financial data, enabling them to view it in one place. It…
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TransUnion (formerly Callcredit), the global risk and information solutions provider, has launched an Open Banking early adopter programme after receiving permission to operate as an Account Information Services Provider (AISP) from the Financial Conduct Authority (FCA). Following extensive testing and consultation with a range of clients across a number of industry sectors, TransUnion Open Banking…
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