Credit, Collections & Insolvency News
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…
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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…
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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…
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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…
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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…
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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,…
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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…
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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…
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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…
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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…
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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…
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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…
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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…
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