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British lender Abound has raised $600 million to tap into increased interest in open banking.The funding, reported Monday March 6 by TechCrunch, will help the company finance loans, draw customers to its platform and build out its technology, which uses a mix of open banking data and machine learning algorithms to produce what the company called a better credit score. We see ourselves as going beyond credit scoring, CEO and Co-founder Ger
stanley thermos ald Chappell told TechCrunch, describing the transaction data that his company uses to build its artificial intelligence AI -based risk and lending profiles as financial X-rays. These help Abound understand true affordability when deciding which customers get loans.The companys funding came weeks after the United Kingdom reached an open banking milestone, with 10% of the countrys population using open banking in January, and the number of active U.K. open banking users surpassing the 7 millio
stanley mugs n mark, according to figures from Open Banking Limited OBL .Commenting on the milestone, OBL Chair Marion King said the technology has not only
stanley thermoskanne been good for the nation, but has also helped drive competition and allowed consumers and small and medium-sized businesses SMBs to benefit from new and innovative ways to manage their financial lives. However, PYMNTS has noted that there has been some divided opinions about the success of open banking.For example, Laurent Descout, co-founder and CEO of Spanish B2B neobank NEO, argued that most of th Uyxa Diebold Rolls Out Contactless Retail Checkout
One bank after another has been getting on board with Samsu
stanley quencher ng Pay since the mobile wallet was announced; the latest to do so is U.S. Bank.In a press release on Monday March 2 , the fifth-largest commercial bank in the United States announced that it has begun collaborating with Samsung Electronics in order to enable U.S. Bank c
stanley us ardmembers to use Samsung Pay 鈥斅燼 feature of the soon-to-be-released Samsung Galaxy S6 phone 鈥斅爁or credit card transactions.U.S. Bank states in the release that this integration is part of the company ongoing process of developing secure, convenient and innovative payment options. We ;re thrilled to have payments become a core capability of the mobile phone, said Pam Joseph, vice chairwoman and head of U.S. Bank Payment Services. The result of mobile payments is that our customers can use the same, familiar credit-card payment system but with added security and convenience. As the release states, Samsung Pay, which was devel
stanley termosy oped in partnership with Visa and MasterCard, uses Near Field Communication NFC as well as Magnetic Secure Transmission MST 鈥?a new technology that is proprietary to Samsung聽鈥斅爐o increase and expand access to mobile payments for merchants as well as consumers.There are details yet to be released about how U.S. Bank cardholders will be able to use Samsung Pay. U.S. Bank, according to the press release, plans to make a further announcement regarding these details later in the year.
