RCS - Fiinu PLC - TransUnion Supports Fiinu with Plugin Overdraft

FiinuAnnouncement

19/12/2022 12:00

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RNS Number : 1866K  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® 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
(https://www.transunion.co.uk/product/open-banking-platform?utm_campaign=fiinu+press+release&utm_content=product-page&utm_medium=press-release&utm_source=press-release)

 

For more information about Fiinu's Plugin Overdraft®, visit: www.fiinu.com
(http://www.fiinu.com)

 

ENDS

 

 Enquiries:
 Fiinu plc                                                    via Brazil London (press office for Fiinu)

 Chris Sweeney, Chief Executive Officer

 Philip Tansey, Chief Financial Officer

 www.fiinu.com (http://www.fiinu.com)
 SPARK Advisory Partners Limited (Nomad)                      Tel:  +44 (0) 203 368 3550

 Mark Brady / Adam Dawes
 SP Angel Corporate Finance LLP (Joint Broker)                Tel:  +44 (0) 207 470 0470

 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 / Jamie Lester            Email: fiinu@agencybrazil.com

 

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® 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® technology platform is bank agnostic,
allowing Fiinu Bank to serve all other banks' customers. Open Banking allows
Fiinu's Plugin Overdraft® 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 (http://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.® 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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