Credit, Collections & Insolvency News
A new report published today by Open Banking credit reference agency, Credit Kudos has found that nearly nine in ten (87%) of those say they plan to adopt it within the next two years, meaning that by 2023, seven in ten lenders (70%) overall are expected to be using Open Banking. One in four lenders…
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Ecospend, a UK provider of Open Banking APIs, has announced a partnership with London Mutual Credit Union that will enable ‘pay-by-bank’ functionality to its customers. The change will result in real-time money transfers, driving the credit union further towards its vision of achieving a friction-free experience for customers. As the largest credit union in the…
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Credit app, TotallyMoney has announced an API integration partnership with digital consumer lender, Fintern. A combination of open banking and artificial intelligence (AI) will allow for faster eligibility checking for customers. Qin Su, TotallyMoney Commercial Director said “TotallyMoney wants customers’ data to work for them and not against them. Fintern is able to harness the…
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Demand for consumer credit has yet to match the pre-Covid peak seen in January 2020, but the latest Market Pulse from Equifax suggests that rapidly rising applications for credit, more than doubling between November 2020 and August 2021, point to returning financial confidence, especially among the young. Younger borrowers, in particular those aged 18 to…
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New research published by open banking platform Tink has revealed an increase in spending among Europe’s financial executives, with 47% saying their open banking budgets have risen in 2021. This follows a challenging year in 2020, where financial institutions battled budget restrictions against the race to serve more customers digitally. The research, based on 308…
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The Financial Conduct Authority (FCA) is looking to scrap a key open banking rule requiring users to reauthenticate access to customer accounts every 90 days. The move will mean that consumers will no longer need to reauthenticate permissions with Account Servicing Payment Service Providers every 90 days if accessing account information through a third-party provider.…
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Credit Connect has announced its annual Credit & Collections Technology company power list for 2021. The third edition of the power list is a round-up of the most prominent innovating companies within credit and collections technology. Credit Connect has identified the top 20 ‘Premier’ innovators highlighting the achievements and successes of the top-performing companies. The…
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Consumers will be able to get access to better financial products and services, as Experian launches a new service to help lenders provide even faster, more accurate and bespoke lending decisions. Work Report™ is the first digital verification service that will allow consumers to consent to digitally share their payroll information with another organisation. It…
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UK Finance has set out recommendations for the future strategy of open banking payments in a new report. There are now over 2.5 million open banking payments a month compared to just 320,000 in the whole of 2018, and the recommendations in the report will help support the development of more products and services for consumers.…
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Open Banking falling short of its promise according to ConnectPay. In January 2018, the Payment Services Directive 2 (PSD2) was introduced, paving the way for Open Banking, with the new initiative, enabling third-party access to banking data. This created enormous space for innovation for fintech companies, promising ample opportunities to develop and deliver new, powerful…
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The winners of the 2021 Credit & Collection Technology Awards have been announced following a live in-person event yesterday (Thursday 4th November) at the Midland Hotel in Manchester. The awards are the flagship event for innovational technological professionals working in credit and collections and the fifth annual event honoured the UK’s technological innovators, celebrating outstanding…
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Credit Connect has confirmed the line-up for next week’s Credit & Collections Technology Awards which takes place at the Midland Hotel in Manchester next Thursday (4th November). The awards are judged by a panel of industry experts who have reviewed technological excellence in four different categories sections: creditor and lender, collections and recoveries, applied technology, and…
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Credit app, TotallyMoney has announced API integration partnership with loan and credit card platform, Lendable. TotallyMoney’s API integration for Lendable’s ‘Level’ credit card will provide greater transparency as customers will be shown the APR they’ll get before application. In addition to this they can find out if they’re pre-approved for the offer, meaning a more…
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