The Paycheck Protection Program laid bare the challenges banks have in moving quickly when there is an antiquated set of...
Back office banking infrastructure needs updating; fintech companies and banks want to work with companies that can provide a customizable,...
Back in the old days, as in last year, Lending Club regularly had more than 1,000 loans and sometimes 2,000...
A new bill has been introduced in Congress that would mandate the IRS to make their data available via API; the current process for lenders requires borrowers to fill out a form known as IRS 4506-T: Request for Transcript of Tax Return; Lend Academy provides additional information on the bill with thoughts from Congressman McHenry and Nat Hoopes, Executive Director of the Marketplace Lending Association. Source
Today, the University of Michigan's "Next Billion" initiative writes about Bill and Melinda Gates Foundation research into financial inclusion and fintech; part of the research addresses payment aggregators that use APIs to connect buyers, commercial enterprises and other clearinghouses; the research claims that creating truly open APIs, which don't require complex legal agreements or technical integrations between parties, would be of great benefit to the financial ecosystem, including enhanced innovation and reduced transaction costs; a case study about Selcom, an African payment aggregator, highlights six areas suitable for near-term open API development: payment initiation (including via mobile wallets and online chatbots), check payment status, retrieving account history, easily cancelling a payment and a set of user interface foundation code that can be white-labelled by any customer-facing innovator. Source
Most lenders like to request tax return information from a borrower during the loan application process. It is the most...
There is no standard for data sharing between banks and fintechs which often results in screen scraping; this leads to concerns around data security and is also an inefficient way to gather data; the Financial Services Information Sharing and Analysis Center released an updated version of their recommendations around data sharing called the Durable Data API specification; this could eventually become the standard adopted by the industry; American Banker compares this to PSD2 in the UK and shares more about the new specification. Source
Akoya is currently Fidelity’s data-sharing arm but now will become its own company, owned by Fidelity, The Clearing House and...
The marketplace lending ecosystem continues to develop. Yesterday, LendingRobot announced a significant funding round that will allow it to “improve...
The UK government has added TrueLayer to its Payment Acceptance Framework meaning it can now provide payments for goods and...