Credit, collections & insolvency news
New findings show that adoption rates of Open Banking payments are increasing, with 11% of credit unions now offering this type of payment for financial services products. The report by Access Group, highlighted the importance of providing customers with a range of options, including Open Banking, to meet their evolving expectations. Since its launch in 2018,…
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Four high street banks – HSBC, Lloyds, TSB and Allied Irish Bank (AIB) failed to comply with banking rules put in place by the Competition and Markets Authority (CMA) to help their customers. Under the Retail Banking Market Investigation Order 2017 – put in place by the CMA after it found competition concerns in the retail…
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New research by emerchantpay has found that there is strong market potential for merchants who prioritise the adoption of Open Banking payments early in their payment strategies. The survey of consumers found that one in two people are unknowingly using Open Banking during checkout, with more than half (51%) of the population being unfamiliar with the term…
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Credit Connect’s hosted its sixth Online Lending Technology Think Tank last week which saw lending strategies and the future of the sector discussed by eight 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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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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Research by Open Banking has revealed that at least 750,000 SMEs now integrate their bank accounts with third-party services to reduce the cost of transactions and help to manage cash flow. The research also revealed that the number of open banking payments has more than doubled last year to 68 million with small firms adopting…
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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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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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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*. …
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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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