Cheddar Banking Platform Acquires Upside Saving

Bank transfer platform Cheddar acquired a public banking technology company Economy on the riseBusiness Cloud reported Tuesday, March 1.

London-based Cheddar provides a free payment platform compatible with bank accounts and said it is ending payment chain inefficiencies for consumers and small businesses.

Upside, on the other hand, offers a marketing platform that connects retail brands and consumers by offering personalized cashback. Cheddar says it will use Upside’s technology to strengthen the consumer checkout process.

“We believe this will add substantial value to our customers while complementing our other services and operations,” said Tariq ZaidCEO and Founder of Cheddar.

“We look forward to exploring these new open banking opportunities to enhance our client offering. Consumer desires are at the heart of what Cheddar hopes to achieve, and for this reason, we always want to stay at the forefront of innovation to ensure that we provide our customers with the very best in digital financial services,” said Zaid. .

Read more: UK Open Banking chief calls on regulators to streamline and speed up technology

Last week, the head of the UK’s open banking organization called on regulators to speed up the launch of the technology.

Speaking to City AM media, Charlotte Crosswellchairman of the Open Banking Implementation Entity (OBIE), said simplifying regulations should be a priority.

“It’s not just about open banking now, it’s really about where this technology is and where its natural home is,” Crosswell said. “We need to figure out who’s going to get things done, how many regulators are going to be involved and who’s going to set policy going forward.”

OBIE was established by the UK Competition and Markets Authority to provide the application programming interfaces, data and security infrastructure that enables developers to exploit technology.

Introduced in 2018, open banking promises to share data in the banking sector for free and has been championed by FinTechs who say it is crucial to promote innovation in financial services. It is designed to share bank and credit card transaction data with third parties and facilitate interbank payments.



On: Forty-two percent of US consumers are more likely to open accounts with financial institutions that facilitate automatic sharing of their bank details upon sign-up. The PYMNTS study Account opening and loan management in the digital environmentsurveyed 2,300 consumers to explore how FIs can leverage open banking to engage customers and create a better account opening experience.

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Michael C. Sumner