TIDMBANK
Fiinu PLC
19 December 2022
TransUnion Supports Fiinu Bank in Offering Consumers Greater
Choice with New Plugin Overdraft Solution
19 December 2022: Global information and insights company
TransUnion is supporting Fiinu Bank to help enable its innovative
overdraft solution, using TransUnion Open Banking capabilities and
credit reference data.
This information will provide an in-depth understanding of a
consumer's financial situation and help Fiinu, which is a
registered bank, to deliver robust Open Banking-driven eligibility
checks of consumers applying for an overdraft.
Fiinu's Plugin Overdraft(R) is a standalone solution which
allows individuals to have an overdraft facility alongside their
existing current/bank account, using the same infrastructure and
ensuring a smooth customer journey. This offers the consumer
greater choice and supports financial inclusion and freedom,
bringing much needed flexibility to the overdraft market.
Stephen Wishart, director of fintech at TransUnion in the UK,
said: "We're pleased to support Fiinu as they drive innovation in
the market by seeking to offer new avenues for consumers to access
credit. The use of TransUnion Open Banking capabilities, alongside
our credit reference data, will provide a comprehensive view of the
individual's financial situation, helping Fiinu to assess the
finance that's right for the individual's needs.
"This partnership aligns with our mission of using Information
for Good and we look forward to working with Fiinu as they progress
on their journey towards the launch of this first-in-market
solution."
Chris Sweeney, CEO from Fiinu plc, said: "It's important that
consumers have as much choice as possible when it comes to finding
finance and that there are products to suit different needs.
Overdrafts play a major role in consumer credit provision, yet to
date they've only been offered as an extension of an existing
personal current account. At Fiinu we've created an overdraft that
can effectively plug in to your current account/bank account if you
don't have this facility available to you.
"Using TransUnion's Open Banking alongside credit reference data
will help us to obtain a holistic view of a consumer's financial
circumstances, so we can offer overdrafts, where appropriate, to
those who may otherwise have found it difficult to obtain an
overdraft and had to resort to more expensive and less appropriate
forms of credit."
For more information about TransUnion's Open Banking, visit:
https://www.transunion.co.uk/product/open-banking-platform
For more information about Fiinu's Plugin Overdraft(R), visit:
www.fiinu.com
ENDS
Enquiries:
Fiinu plc via Brazil London (press
Chris Sweeney, Chief Executive Officer office for Fiinu)
Philip Tansey, Chief Financial Officer
www.fiinu.com
SPARK Advisory Partners Limited (Nomad) Tel: +44 (0) 203 368 3550
Mark Brady / Adam Dawes
SP Angel Corporate Finance LLP (Joint Tel: +44 (0) 207 470 0470
Broker)
Abigail Wayne / Matthew Johnson
Panmure Gordon (UK) Limited (Joint Broker) Tel: +44 (0)207 886 2500
Stephen Jones / Atholl Tweedie (Corporate
Finance)
Tom Scrivens / Charles Leigh-Pemberton
(Corporate Broking)
Brazil London (press office for Fiinu) Tel: +44 (0) 207 785 7383
Joshua Van Raalte / Christine Webb / Email: fiinu@agencybrazil.com
Jamie Lester
About Fiinu (AIM: BANK)
Fiinu, founded in 2017, is a fintech group, including Fiinu
Bank({1]) , which is authorised by the Prudential Regulatory
Authority([1]) . Fiinu's Plugin Overdraft(R) is an unbundled
overdraft solution which allows customers to have an overdraft with
Fiinu Bank without changing their existing bank. The underlying
Bank Independent Overdraft(R) technology platform is bank agnostic,
allowing Fiinu Bank to serve all other banks' customers. Open
Banking allows Fiinu's Plugin Overdraft(R) to attach ("plugin") to
the customer's primary bank account, no matter which bank they may
use. Fiinu's vision is built around Open Banking, and it believes
that it increases competition and innovation in UK banking.
For more information, please visit www.fiinu.com .
([1]) Fiinu Bank Limited obtained its UK deposit-taking banking
licence with restrictions from the Prudential Regulation Authority
(PRA) and with the consent of the Financial Conduct Authority (FCA)
in July 2022.
About TransUnion (NYSE: TRU)
TransUnion is a global information and insights company that
makes trust possible in the modern economy. We do this by providing
an actionable picture of each person so they can be reliably
represented in the marketplace. As a result, businesses and
consumers can transact with confidence and achieve great things. We
call this Information for Good.(R) A leading presence in more than
30 countries across five continents, TransUnion provides
solutions that help create economic opportunity, great
experiences and personal empowerment for hundreds of millions of
people.
In the UK, TransUnion is a leading credit reference agency (CRA)
and we offer specialist services in fraud, identity and risk
management, automated decisioning and demographics. We support
organisations across a wide variety of sectors including finance,
retail, telecommunications, utilities, gaming, government and
insurance.
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