TransUnion Supports Fiinu Bank in Offering Consumers Greater Choice with New Plugin Overdraft Solution
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® 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.”