back Back

Cheddar expands into Open Banking with its acquisition of Upside Saving

By Joy Dumasia

March 02, 2022

  • Bank Payments
  • Bank Transfers
  • Cashback
Share

Cheddar, the bank transfer platform powering payments, announces an exciting new acquisition of open banking technology by Upside Saving to be added to the company’s free payment offering.

Upside, the business acquired by Cheddar developed an open banking-enabled, hyper-targeted marketing platform which connects retail brands with consumers by offering personalised cashback, a unique approach providing significant advantages over traditional cashback platforms. 

Having identified synergies between Upside’s technology and its platform, Cheddar will use the technology to complete the picture of the payments process for consumers. The open banking integration, which can be run without 3rd parties via Cheddar, will further develop the Cheddar payment platform to provide even greater value for customers.

Cheddar operates as a bank account-enabled payments platform accessible for consumers to use. The platform is built to solve inefficiencies in the payment chain, innovate the way people send and manage money and make payments more accessible for small businesses and consumers. Work to incorporate open banking into Cheddar’s services is already underway. The first services of this kind are anticipated to be available to the platform’s customers later in 2022.

Tariq Zaid, CEO and Founder at Cheddar, added: “We are delighted to have acquired Upside’s innovative technology and to begin implementing open banking as part of Cheddar’s services. We believe this will add substantial value for our customers whilst also complementing our other services and operations. We look forward to exploring these new open banking opportunities to enhance our customer offering. Consumer desires are at the heart of what Cheddar hopes to achieve, and because of this, we always want to stay at the forefront of innovation to ensure we’re offering our customers the very best in digital finance services.”

Previous Article

March 02, 2022

Sovos Withholding Compliance offers consolidated solution for Tax Payments

Read More
Next Article

March 02, 2022

Oliver Wyman and GFT to build new Islamic digital bank in Malaysia

Read More








IBSi Daily News Analysis

Web3, Indian market

April 16, 2024

Bank Payments

Explosive growth in Web3: UAE and MENA region poised to lead crypto, DeFi, and Metaverse revolution

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

Today

Paystand integrates B2B Payments with Microsoft Dynamics 365 Business Central

Read More

Today

Orange Money & Jordan Post to boost digital financial services in Jordan

Read More

Today

Nium approved as a ‘Registered Financial Service Provider’ in New Zealand

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q4 2023
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023