Kieran Hines’ Post

Leading Financial Technology Company Continental Finance Company Joins the American Fintech Council (AFC) “Continental Finance is laser-focused on helping families build responsible credit that creates a safe pathway out of debt,” said Phil Goldfeder, CEO of the American Fintech Council. “Their foundational commitments to strong customer support, fair treatment, and financial inclusion, align perfectly with AFC’s mission to promote a transparent, inclusive, and customer-centric financial system. Continental Finance will lend an important voice to a growing industry of responsible fintech companies creating access to safe, transparent and affordable credit options.” https://lnkd.in/ecyViPiE Steve McSorley #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews

Open finance getting started in the UK, ahead of Europe! SME Lending. Our oversea neighbors got it right, once more. After succeeding in getting open banking APIs standardized: 🔹 A bright work from Open Banking LTD (formerly OBIE) run by 9 main banks from the UK and Northern Ireland (some ref #openbanking) 🔹 Over 1 in 9 Brits now use open banking services 🔹 17% of users are SMEs The UK government Economic Secretary to the Treasury wants to assess better finance/lending for SMEs: (some ref #Finextra, link in comment) 🔹 Lending, Banks to standardize data exchange, commercial incentives. 🔹 A concrete case as in how Open Finance is to increase competition in between Lending parties 🔹 SMEs to get better and quicker access to capital (else than temporary factoring) 🔹 High impacts on the economy and employment How would this work in my mind? Let's picture this with a PSD3-FIDA eye: ✔ SME is a lending customer of Bank A (data holder), expensive ✔ SME unhappy, asks Bank B (data user) via a licensed party (equivalent to FISP in the EU) an offer in a few clicks ✔ SME consents Bank B + FISP to pull Lending data (contracts, ledger) and transaction data from Bank A ✔ Bank B + FISP pulls the data and automatically assess loan origination for SME ✔ Bank A gets paid for the data it sends (PSD3-FIDA APIs monetized) Learning, food for thoughts: 💡 Local government and FSA/regulator involvement crucial to make it happen 💡 Open Banking in the UK served as an example for EU, hence likely SME Lending to be the first batch of FIDA requirements, along side the definition of data scheme supported by the APIs. 💡 Open Finance is GDP driven, just like eIDAS/EUDI #openfinance #PSD3 #FIDA #Samlink #Banking #Kyndryl #WeAreKyndryl #TheHeartOfProgress

Landmark Centre for Finance, Innovation and Technology (CFIT) Report Delivers Kalifa Review Recommendations on Open Finance Ezechi Britton MBE, CEO of CFIT, said: “The prize on offer from getting Open Finance right is enormous. For consumers and SMEs, it means more control of your finances and easier access to more affordable credit. For the fintech sector, it is an opportunity for the UK to set global standards and drive growth worldwide. And it dovetails perfectly with the Government’s wider ambition to build a Smart Data economy. We would like to thank our coalition partners for their outstanding work so far. Having definitively proven the business case for Open Finance, we’re now looking forward to working with government and industry on furthering the case for unlocking the necessary datasets, scaling the proofs of concept developed by the Coalition, exploring use cases beyond credit and identifying the commercial model and future framework that will encourage secure data-sharing across financial services as we embrace Open Finance.” https://lnkd.in/eQN7a4Qi Experian Monzo Bank Revolut Mastercard EY Citizens Advice HSBC Financial Conduct Authority Open Banking iwoca Lloyds Banking Group Ksenia Grant Simon Hanson Teresa Lam Charlotte Crosswell OBE Bim Afolami MP Chris Hayward City of London Corporation #FFNews #Fintech #Finance #Banking #Paytech #Payments #Insurtech #Insurance

Banking and Financial Services Taskforce Delivers SME Action Plan to Boost UK Economic Growth Centre for Finance, Innovation and Technology (CFIT) Chair, Charlotte Crosswell OBE, said: “The financial services and fintech industry has worked together to design a comprehensive programme that will energise the UK economy by making the lending experience better for both SMEs and the lenders themselves. “What’s particularly exciting is that this doesn’t require significant public spending. While policy implementation inevitably takes time, there are so many levers that industry can pull with the support of policymakers, to quickly build momentum, boost SME lending and unlock growth.” https://lnkd.in/ee4xMajH Ezechi Britton MBE Hannah Stakes Teresa Lam Mastercard Jane Prokop Henk Van Hulle Open Banking Marion King Christoph Rieche iwoca Martin McTague OBE Federation of Small Businesses (FSB) #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews

Jaja Finance Leads the Charge in Simplifying the Credit Card Application Journey Lucas Dalglish, Chief Commercial Officer, Jaja Finance said: “Jaja has achieved yet another significant milestone with our partners, Plain Numbers, which we are extremely proud of. Our mission is to help make credit simple and to have reached two ‘firsts’ with Plain Numbers is indicative of our commitment to doing this.” https://lnkd.in/e-ckfpKq Mike Ellicock Anna Notman Zara Woods Francesco Di Costanzo David Chan Holly Godsland Ben Perkins 🏳️🌈Gabrielle O'Gara #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews

The recent CFIT SME Finance Taskforce report underscores the pivotal role of financial organizations in driving business growth and economic resilience. As the landscape evolves, the demand for innovative, data-driven solutions that empower SMBs is more pressing than ever. At 9Spokes, we’re dedicated to equipping financial organizations with the tools they need to empower their SMB customers through informed decision-making and sustainable growth. Reach out to learn how we can help drive your team's data initiatives. #financialservices #smb #opendata #cashflow #openfinance

The latest CFIT report makes for interesting reading. The CFIT SME Finance Taskforce report continues to stress one critical point: the future of SME lending depends on access to robust, reliable real-time data. Both banks and non-bank lenders need better insights to support these vital businesses. But access to data alone is not enough - it needs to be transformed into consumable analysis and actionable insights. This is something we have been doing at 9Spokes for years, we're not just in the game - we're setting the pace. Our platform is designed to pull in vast quantities of accurate data, giving lenders and SME service providers a crystal-clear view of their customers. We don’t just show you where a business stands today; we provide the leading indicators that predict where it’s headed tomorrow. If you're in the business of financing SMEs, the choice is obvious: The future of serving SME's isn’t just about more data - it’s about better data-driven insights. And that’s exactly what we deliver at 9Spokes. Centre for Finance, Innovation and Technology (CFIT) 9Spokes Ezechi Britton MBE #SMELending #Fintech #SmartData #9Spokes #FinancialHealth https://lnkd.in/eQ5SWucz

Open finance is coming to Australia! 👉 We've got more details on the timeline for non-bank lending coming into the #ConsumerDataRight. To recap, at the CEDA - Committee for Economic Development of Australia breakfast in Sydney on 9 August 2024, Minister Stephen Jones announced that #CDR will designate non-bank lending in early 2025, for it to be operational by mid 2026, to provide a sufficient transition period. Now, the draft rules published in November include the updated timing for the CDR data sharing obligations to take effect. In a nutshell: 1. Product data sharing obligations will apply from 13 July 2026. (But there's no reason to wait! As we cover in our blog, there are benefits to sharing this data from the earliest possible date: 🔖 Read "Boosting the non-bank lender toolkit" - https://lnkd.in/gnmMG8Xp) 2. Consumer data sharing obligations will come in four phases from 9 November 2026 until 13 September 2027, beginning with the largest non-bank lenders and non-complex data requests. Consideration has been given to timing that aligns with when relevant Data Standards may take effect. #OpenBanking #OpenFinance #OpenData #FinTech

It was great to collaborate with others in the industry on this, and take steps towards the next phase of Open Banking payments in the UK. #openbanking #payments #VRP

Fantastic to work with Jaja Finance as they make great strides towards implementing the Plain Numbers Approach across communications. The Approach is proven to help customers understand key information and it's great to see the new simplified credit card application journey come to life. #customerunderstanding #customercommunications #consumerduty #financialservices #credit