The partnership will allow community banks and other loan purchasers to access the online lending space; it will leverage the Cross River’s expertise in capital, technology and regulatory compliance with PeerIQ’s expertise in data analytics and risk management. Geoffrey Kott, head of finance and strategy at Cross River Bank stated, “PeerIQ’s risk management platform — with its leading loan-level analytics and monitoring capabilities, credit facility management toolkit, and full integration of TransUnion data — will both augment our internal capabilities and provide best-in-class loan-level monitoring tools for our clients and partners.”; Cross River Bank currently works with many big names in fintech, including more than 15 online lenders. Source
According to the WSJ, Goldman Sachs is in talks to offer financing on Apple products; this would be alternative to a consumer financing devices on a credit card; both companies didn’t comment on the story, but if a deal came together it could propel Goldman’s Marcus further into consumer finance. Source
The proposed relationship would allow Chinese consumers traveling to the US to use their Alipay Mobile Wallet; Pablo Simone, head of product and strategy for Chase Merchant Services stated, “We are always looking for ways to deliver more value to our merchants and bring them closer to their customers. A relationship with Alipay would create opportunities that enable Chinese tourists to transact in a way they are familiar with.”; it is estimated that four million Chinese consumers will visit North America this year. Source