Credit, Collections & Insolvency News
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…
Read more
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…
Read more
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,…
Read more
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…
Read more
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.…
Read more
It’s been nearly five years since Open Banking was launched in the UK, and although initial adoption rates were somewhat lower than expected, there is evidence that the platform may be a ‘slow burner’. Recent research suggests that usage is now growing rapidly, with the number of Open Banking transactions growing 10% month on month*. …
Read more
The Financial Conduct Authority (FCA) has launched a review into big tech’s move into payments, deposit taking, consumer credit and insurance. While the FCA acknowledged that the involvement companies such as Alphabet, Amazon, Apple and Meta could bring innovation and benefits to consumers by increased efficiency and delivering healthy competition, it said they could pose…
Read more
European open banking platform Tink is urging lenders to prioritise upgrading creditworthiness assessment models to ensure more accurate lending decisions. Tink says traditional lending models are broken, and against a backdrop of the cost-of-living crisis, a blinkered view of income and expenses is no longer fit for purpose. As the economic crisis worsens, better decisions…
Read more
Businesses are failing to strike the right balance between innovation and user experience, according to new research from Studio Graphene. The digital agency found the majority (58%) feel that businesses are too eager to move to new digital platforms without properly considering whether users will be able to adapt to the new system. Three in five…
Read more
Credit Connect’s hosted its fourth Online Lending Technology Think Tank last week which saw lending strategies and the future of the sector discussed by fourteen leading professionals from a variety of lending sectors. The event was attended by over a hundred lending professionals from banks, credit card providers building societies, loan providers, credit unions and…
Read more
New research from open banking platform, Tink, reveals that over a quarter (28%) of the UK’s self-employed struggle to access the financial services they require, leading many to believe the current system works against them due to their employment status. According to the survey of consumers, a stark 27% of self-employed people feel they have…
Read more
Open Banking adoption is growing, driven by the rapid digitisation of finance according to the data from global information and insights company, TransUnion. The Open Banking data shows that financial institutions have been experiencing the highest volume of Open Banking transactions, caused in part by banking becoming more digitised during the pandemic. Shail Deep, chief…
Read more
Buy now, pay later (BNPL) finance firm, Payl8r, is calling for the adoption of open banking as a legal requirement for credit assessing in the same way that credit checks are, to ensure safer lending for borrowers in the face of rising costs of living. Payl8r says open banking technology connects banks, third parties and…
Read more