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Navigating PS24/2: Best Practices for Lenders
PS24/2 has changed the game for borrower support. Understanding and
implementing these new regulations is essential for protecting your
consumers and your business. In this blog we provide a guide to
PS24/2, offering practical strategies for early intervention and
tailored support for consumers that can drive both compliance and growth.
What is PS24/2? The FCA’s PS24/2
Strengthening protections for borrowers in financi ...
February 21, 2025
Uncovering competitive insights: How Open Banking data could transform mark ...
In today’s data-driven world, understanding consumer behaviour goes
beyond monitoring your brand’s performance; it involves analysing
broader market dynamics to gain insights into customer spending
patterns, preferences, and competitor interactions. However, many
brands face challenges in capturing accurate market intelligence due
to reliance on limited internal data, slow and outdated reporting
methods, and fragmented customer insights.
...
January 20, 2025
Protecting Businesses and Banks from Authorised Push Payment (APP) Fraud
Authorised Push Payment (APP) fraud, exploiting real-time payment
systems, has emerged as a major threat and the Payment Systems
Regulator (PSR) implemented the Authorised Push Payment (APP) scam
reimbursement framework in October,
In this blog I’ll explain what APP fraud is, the scale of
the problem, why UK regulators are focusing on this type of fraud
and the ways which financial services firms can tackle this issue.
What ...
January 20, 2025
Equifax marks 30-year anniversary of its Wexford office
Credit reference agency Equifax has celebrated the 30th anniversary
of its Wexford office site in Ireland, marking three decades of growth
and impact.
Established in 1994 with a small team focused on manual
capture of commercial company data from Companies House, the
office has since evolved into a major local employer, with nearly
100 staff members supporting Equifax clients and consumers.
The anniversary celebratio ...
December 02, 2024
Equifax UK launches first-of-its-kind affordability solution for lenders
Credit reference agency Equifax UK has launched a first-of-its-kind
solution for lenders, combining bureau insights with real-time
transaction data accessed via Open Banking and statistical estimates
to boost affordability assessments and consumer outcomes.
Traditionally lenders have relied on a mixture of consumer
affordability assessment models. Industry research from Equifax found
nearly a quarter (24%) of organisations relied on a co ...
December 02, 2024
OneID® and Equifax create new solution to streamline customer onboarding
Equifax UK has partnered with digital identity provider OneID® to
integrate Equifax’s Apply+ to create an award-winning solution which
helps overcome the persistent challenge of customer identity
verification and application abandonment in credit journeys.
By integrating Equifax’s Apply+ into OneID’s document-free
digital identity verification, customers will be empowered to verify
their identities without the need for traditional ID ...
December 02, 2024
Equifax UK launches Open Banking solution to simplify utility and telecom s ...
Equifax UK has launched a new digital customer onboarding journey to
help certain utility and telecoms providers automate customer
eligibility assessments for social tariff discounts, making it simpler
and easier for consumers to apply, and helping them access discounts
and special pricing plans available for households facing financial hardship.
The award-winning solution, Tariff Connect, uses a digital
application form and Open Banking ...
December 02, 2024
The Future of Lending: Why automating open banking data Is a game-changer f ...
For years, lenders have leaned on credit bureau data to automate
decisions, ensuring speed and consistency with pre-set policies and
risk frameworks. However, open banking introduces a wealth of
real-time insights that represent a new frontier in lending
automation—one that remains largely untapped.
While many lenders have begun supplementing their
decision-making with open banking data, about one-third of Equifax’s
clients are ...
October 18, 2024
Tackling financed emissions: Closing the environmental data gap
In today’s world, the role of financial institutions in combating
climate change is gaining significant attention. Banks, as major
financiers, are increasingly being held accountable for the carbon
emissions linked to their lending and investment portfolios.
These emissions, known as "financed emissions,"
pose both regulatory and reputational risks for banks. As the
pressure to transition to a net-zero economy mounts, fi ...
October 18, 2024
Navigating the challenges of social tariffs in the utilities and telecoms s ...
With rising costs of living, increasing consumer debt, and increased
regulatory focus, utility companies are exploring innovative ways to
offer social tariffs. Use of digital automation is a significant
opportunity for these companies to support financially vulnerable
customers while maintaining operational efficiency. Equifax's Tariff
Connect is a groundbreaking solution that leverages Open Banking
technology, transforming the process of ass ...
August 08, 2024
Making Ends Meet: Who is Paying the Price? A Summary of the 2024 Equifax Fi ...
In the dynamic world of finance, understanding the intricate patterns
of consumer behavior and financial health is pivotal. Equifax, a
global data, analytics, and technology company, alongside its
subsidiary TDX Group, delves into these patterns in their 2024
Financial Health Report. This report, titled "Making Ends Meet:
Who is Paying the Price?", leverages data and insights from
millions of consumer interactions to provide a compreh ...
July 16, 2024
Tackling late and missing payments:
A critical issue for UK SMEs and the b ...
In the vibrant landscape of UK small and medium-sized enterprises
(SMEs), one persistent challenge threatens to undermine growth and
stability - late and missing payments.
Having previously launched several financial products
to help SMEs run and grow their businesses, I’m aware this issue
is not just a minor inconvenience; it represents a significant
financial burden, affecting cash flow, operational efficiency, and
...
July 15, 2024
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