Credit, Collections & Insolvency News
Credit Connect is pleased to reveal the companies, partnerships and individuals that have been shortlisted in this year’s seventh annual Credit & Collections Technology Awards. The Credit& Collections Technology Awards is the UK’s celebration of tech innovators in credit and collections. The technology-focused award scheme seeks to champion innovation and best customer outcome solutions. The shortlist…
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A new study from Juniper Research has predicted that credit scoring services will grow by 67% to $44 billion by 2028. The report anticipates emerging markets will experience greatest growth; projecting the African & Middle Eastern region to grow by 117% over the forecast period, achieving spend of $3.7 billion in 2028. Driving this growth will…
Read moreThe Joint Regulatory Oversight Committee (JROC) has published a joint paper setting out five high-level principles for banks and registered third parties to follow when agreeing to a premium Application Programming Interface (API) commercial model. Premium APIs will allow new open banking products and services to be offered. These include variable recurring payments (VRPs), which…
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A new study from Juniper Research has found that Open Banking usage will grow by 470% over the next 4 years, with the total number of API (Application Programming Interface) calls generated via Open Banking to exceed 580 billion by 2027, from only 102 billion in 2023. Strong interest in new Open Banking-based services, such…
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The Financial Conduct Authority and the Payment Systems Regulator have launched a fresh push to encourage more competition in banking services via third-party firms. As co-chairs of the Joint Regulatory Oversight Committee, the regulators issued a joint statement saying: “While significant progress has been made, there is more to be done to deliver the full…
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New research by lobbying group Coalition for a Digital Economy (Coadec) that the sector is at a ‘vital crossroads.’ The open banking sector has created 4800 jobs and is valued at £4.1 billion. The policy group has based its analysis on data from 82 fintechs active in the open banking sector. The value of the…
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A new credit decisioning tool, Fuse by Pave, has launched which claims it can offer lenders 97% accuracy in affordability tests, clearer insights into consumer affordability, reduced rate of defaulted loans, and improvements to borrower outcomes. In addition to improved accuracy in affordability testing, which uses Open Banking technology it also offers lenders personalised insights…
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A new study from Juniper Research has found that global Open Banking payments transaction values will exceed $330 billion globally by 2027; up from $57 billion in 2023. Juniper predicts that the development of new use cases, such as bill payments via Open Banking, will drive adoption, given Open Banking’s simplicity of use versus alternatives,…
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TransUnion, a global insights and information company, has announced a strategic investment in Bud Financial a specialist in Open Banking and data intelligence. TransUnion says that this dynamic partnership will help drive innovation and growth in the personal finance market and support better outcomes for consumers, with greater financial inclusion. Headquartered in the UK, Bud…
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Since acquiring Omni Capital in 2017, Castle Trust Bank has been able to offer accessible finance solutions to retailers, and over the past four years, LendingMetrics’ award-winning Auto Decision Platform (ADP) has powered their decisioning process. ADP allows credit risk professionals to run complex decisioning logic on credit data from multiple sources, in real-time with…
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The Open Banking Implementation Entity (OBIE) has announced that Marion King has been appointed as its new Chair and Trustee and will commence her Trustee mandate on 1st February 2023. King’s appointment follows a robust recruitment process led by the Competition and Markets Authority (CMA). She will succeed Charlotte Crosswell, the current Chair and Trustee,…
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The Competition and Markets Authority (CMA) has determined that the six largest banks Barclays, HSBC, Lloyds, Nationwide, NatWest and Santander have implemented the requirements of the Open Banking roadmap. Open Banking was launched in the UK in 2017 as part of a package of improvements following the Competition and Markets Authority’s (CMA) market investigation into…
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Credit Connect has announced its annual Credit & Collections Technology company power list for 2022. The fourth edition of the power list is a round-up of the most prominent innovating companies within credit and collections technology. Each year Credit Connect identifies the top 20 ‘Premier’ innovators highlighting the achievements and successes of the top-performing companies.…
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