TransUnion and Fiinu Bank offer new plugin overdraft solution

By Gloria Methri

Global information and insights company TransUnion has partnered with Fiinu Bank to help enable its innovative overdraft solution, using TransUnion Open Banking capabilities and credit reference data.

This data will provide an in-depth understanding of a consumer’s financial situation and help Fiinu, deliver Open Banking-driven eligibility checks for consumers applying for an overdraft.

Fiinu’s Plugin Overdraft allows individuals to have an overdraft facility alongside their existing current/bank account, using the same infrastructure to ensure a smooth customer journey.

Stephen Wishart, director of FinTech at TransUnion in the UK, said, “We are 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 of Fiinu plc, added, “It is 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 have created an overdraft that can effectively plug into 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.”