Fiinu’s Plugin Overdraft aims to add some flexibility to the tightly regulated overdraft market by giving consumers access to an overdraft facility without having to switch banks or current accounts.
The Financial Conduct Authority’s (FCA) Strategic Review of Retail Banking Business Models for 2022 revealed that the number of current accounts in the UK has increased by 15% from 87 million to over 100 million over the past four years. Furthermore, 55% of these accounts do not have access to an arranged overdraft.
Tuum’s solution allows customers to link multiple bank accounts to their dedicated Fiinu overdraft account through open banking application programming interfaces (APIs). Fiinu representatives cited by ffnews.com revealed that Plugin Overdraft is bank agnostic and aims to give consumers access to overdrafts that help to build credit and avoid rejection stress.
In July 2022, Fiinu has obtained its deposit-taking bank licence from the Bank of England (BoE). The issuing of the bank licence from the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA), ends a process that began about 5 years ago for the company. Official representatives revealed that Fiinu would keep working with UK regulatory authorities, external auditors, investors and its Board to mobilise the bank.
Tuum’s partnership spree in 2022
In September 2022, Tuum has partnered with Salt Edge to enable financial services providers in Europe deliver a full spectrum of Open Banking features.
The partnership allows Tuum’s clients to quickly become compliant with PSD2 and Open Banking directives, improve the security of end-users with Salt Edge’s Mobile SCA solution and unlock Open Data by getting access to more than 5000 banks for account information and payment initiation services across Europe and beyond.
In June 2022, Januar, a provider of financial infrastructure for businesses, has chosen Tuum as the core banking platform to power its pan-Europe goals. Through this partnership, Tuum’s banking core will be used to build account and payment solutions for crypto companies, enabling them to receive and send payments like any other business.
In March 2022, LHV UK has selected Tuum to provide the core infrastructure for the entirety of LHV UK’s banking operations.
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