Connect with us

News

BNP PARIBAS PERSONAL FINANCE COLLABORATES WITH EXPERIAN AND ARYZA TO HELP CUSTOMERS THROUGH THE COVID-19 PANDEMIC

Published

on

The consumer finance specialist will be using the Open Banking tool to help customers create an affordable payment plan based on their financial circumstances

 

BNP Paribas Personal Finance will use Experian’s Open Banking technology and Aryza’s Debtsense digital platform to provide round-the-clock online account reviews to customers who have been affected by the Covid-19 pandemic.

Consumer finance specialist BNP Paribas Personal Finance has moved quickly with its partners to put the solution in place inside six weeks so that it can meet changing regulatory advice. Debtsense from Aryza uses Experian’s Open Banking service to allow people to share their account and transaction data, giving a clear and detailed picture of affordability, financial circumstances and commitments in rapid time.

The insights will enable BNP Paribas Personal Finance to accurately assess people whose finances have been affected by the pandemic and who may now be vulnerable. They can then be offered a payment break or an affordable payment plan based on their specific circumstances. The app uses the lender’s credit decision policy rules to create a personalised payment plan.

 

Stephen Hunt, CEO of BNP Paribas Personal Finance, said: “It’s clear that the impacts of the COVID-19 pandemic are having a far-reaching effect on consumers and the wider economy. Throughout this situation our focus has been supporting our customers as most of them have been impacted in one way or another by the coronavirus crisis and subsequent lockdown measures.

This collaboration with Experian and Aryza is a great example of companies coming together to innovate using the latest tech so we can help our customers quickly and easily set up a payment arrangement based on their affordability. Through launching this fully automated service to our customers, we believe this will be helpful, convenient and provide reassurance and control for our customers who need support as we emerge from this pandemic.”

 

Lisa Fretwell, Managing Director of Data Services at Experian, said: “The Covid-19 pandemic is having a significant effect on the economy and people’s household budgets. As we move towards the recovery stage of the crisis, it’s crucial lenders and financial providers have accurate and insightful information about their customers.

“Debtsense gives users the ability to assess someone’s affordability almost instantly, providing a 360-degree view of their financial circumstances. We’re pleased to be working with BNP Paribas Personal Finance so the tool can support their customers during this challenging time.”

 

Colin Brown, CEO of Aryza Group, said: “We are passionate about making consumer finance more accessible using technology. Over the years we have developed tools that allow consumers to re-engage on their own terms in a fully digital experience. We are delighted that BNP Paribas Personal Finance has embraced our technology and is using it to help those customers that are affected by Covid-19.”

More than 200 organisations are currently using Experian’s Open Banking service, many to help resolve financial hardship as a result of Covid-19 pandemic. Charities including Citizens Advice Liverpool and Mental Health & Money Advice are using the service to support clients through the pandemic, tailoring advice based on the individual’s situation.

Experian has been at the forefront and a leading innovator in the development of Open Banking technology. Its Open Data platform underpins more than 52 million API requests a month.

BNP Paribas Personal Finance will be using the Debtsense app via credit and debt recovery software specialist Aryza. The platform will help to support those in arrears as customers can set up affordable repayment plans and make payments in real-time using a mobile phone.

 

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

EXPERTS SHARE SIX STEPS TO RAISING MONEY SAVVY KIDS

Published

on

By

The ability to manage finances is not something that is known naturally; it must be taught to us as we go through life. From understanding the value of money, to knowing when to save or spend, it’s certainly a valuable life skill.

However, the way in which financial literacy is taught in schools around the world varies massively, often meaning young people grow up with limited understanding of how to manage their money.

To mark International Day of Remittances (16 June), which aims to improve access and understanding of remittances worldwide, experts at global cross border payments company, WorldRemit, have curated advice on how to give children an understanding and appreciation of money.

  1. Talk money 

As a parent, it may seem natural to not discuss finances around children. Instead, try to involve them in conversations about everyday expenses such as food shops and transport. Giving them exposure to these conversations in their everyday life will allow them to understand the essential things that need to be bought before they can have games and clothes, helping to build an appreciation of money and budgeting from an early age.

  1. Introduce money during playtime

When your children reach an age where they begin to understand numbers, starting to show them physical money can be beneficial. Teach them to count cash and understand it at its most basic level. Games such as Monopoly or playing cashier are perfect for this and makes showing them the value of money an enjoyable yet educational experience.

  1. Start budgeting

Once your kids are at an age that they are earning pocket money, you can teach them how to budget. Doing this visually works best and can show them how much money they’re getting and where they need to spend it. Creating a very basic budget with your children will teach them that they can’t just spend all their money on treats, and that it needs to last until their next instalment of pocket money.

  1. Start saving

Not everything can be bought from your paycheck, and kids need to learn that expensive items must be saved for. Start a savings account for them, whether that’s a piggy bank or an actual bank account, to give them somewhere to put money aside and give them sight of this once they’re old enough to understand. Not only will they be able to save for a new bike or video games, but they will also learn discipline and the reward of goal setting.

  1. Spending responsibly

Now they know the value of money, how hard they have to work for it, and what they need to use it for, you can let them spend it with set limits. It can be easy to go too far and make money feel like something that isn’t to be enjoyed, so it’s important to show the joy that can come with buying their favourite toy or sweet treat. Your children will finally feel the reward of treating themselves to something new, whilst being careful not to overspend and appreciating where the money has come from.

 

A spokesperson for World Remit commented: “It’s easy to get caught up in the many lessons and subjects our children are taught at school and forget some of the fundamentals of being an adult. At WorldRemit, we are passionate about educating everyone, adults and children alike, about how to use money wisely.”

Continue Reading

News

CORE BANKING FINTECH OHPEN APPOINTS JERRY MULLE AS UK MD TO FUEL CONTINUED GLOBAL EXPANSION

Published

on

By

Ohpen, the first fintech platform to bring a bank to the cloud, today announces the appointment of Jerry Mulle as its new UK Managing Director, signifying its commitment to the UK market. Bringing 30+ years’ experience gained from prior roles at Sopra Banking Software, IE Digital and RBS / Natwest, Jerry will ensure Ohpen’s solutions are firmly placed in the UK market for financial institutions to leverage.

 

Last year, Ohpen’s acquisition of Davinci, Europe’s STP number one loan and mortgage software company, made it the only cloud-native core banking engine to offer a full suite of products across savings, investments, loans and mortgages. Now with a 100% configurable platform fueled by powerful APIs, Jerry will continue to position Ohpen as the go-to partner for financial institutions, helping them to navigate the explosion of digital tools at pace and scale.

 

Jerry has driven digital change since internet banking came to the fore. A visionary when it comes to technology enablement in financial services, he has also led the digital evolution of specific financial products, like mortgages. His decade of experience at Natwest / RBS across retail and commercial banking means that Jerry has a deep understanding of the challenges and opportunities facing UK financial services organisations today.

 

In this role, Jerry will be dedicated to bringing Ohpen’s serverless, microservices-based solutions to all types of UK financial institutions, from lenders and building societies to pension providers. Taking an initial laser focus on the mortgages proposition, he will enable FIs to harness Ohpen’s one-of-a-kind platform to free them from legacy systems and embrace true digitisation.

 

“It continues to be an extremely exciting time for Ohpen. We have been busy working on putting the 25% increase in R&D, gained through the acquisition, into practice – with a clear focus on this market. Our technology continues to disrupt banking and liberate financial institutions of burdensome software. Jerry’s experience and deep knowledge of the market, teamed with his proven track record, is why I have no doubt that he will be critical to our success in the UK.” said Matthijs Aler, CEO of Ohpen.

 

On his appointment, Jerry said, “Ohpen’s commitment to the UK market makes this an exciting opportunity. Now is absolutely the time to bring this innovative technology, built on decades of expertise, to UK providers and their customers in a way that works for them.

 

“In the mortgages space, UK customers are crying out for a less complex and more streamlined process, and with Ohpen’s STP ability, I genuinely believe that our proposition allows financial institutions to offer exactly this. Ohpen is positioned to be the number one driver of this in the UK and I look forward to being part of the growth journey.”

 

Jerry joins a growing team of senior executives, with his hire coming shortly after the appointment of Xandra Niehe as Chief People & Culture Officer (CPCO). She will be dedicated to building a culture that facilitates this level of growth while keeping its combined core values in place.

 

Continue Reading

Magazine

Trending

Business3 days ago

HOW TO CREATE A PROFORMA INCOME STATEMENT FOR YOUR STARTUP?

There are two reasons why you are on this page right now. First, you are just starting with your business,...

News3 days ago

EXPERTS SHARE SIX STEPS TO RAISING MONEY SAVVY KIDS

The ability to manage finances is not something that is known naturally; it must be taught to us as we...

News4 days ago

CORE BANKING FINTECH OHPEN APPOINTS JERRY MULLE AS UK MD TO FUEL CONTINUED GLOBAL EXPANSION

Ohpen, the first fintech platform to bring a bank to the cloud, today announces the appointment of Jerry Mulle as its new UK Managing Director,...

Technology4 days ago

BIOMETRICS: BALANCING SECURITY WITH CONVENIENCE

Jean Fang, Authentication Product Manager and Joël Di Manno, Authentication and Biometrics Laboratory Service Line Manager at Fime   From...

News4 days ago

THE VALUE OF A HEALTHCARE ADVISER

By Rachel Janssens, principal consultant at Alexander Forbes Health   Navigating the vast number of schemes available and sifting through all...

Wealth Management5 days ago

WHAT WILL TRADING FLOORS OF A POST-COVID WORLD LOOK LIKE?

Ganesh Iyer, Chief Marketing and Strategy Officer, IPC   The last year brought around a monumental change to the way...

Business5 days ago

WAYS TO KEEP YOUR HYBRID WORKPLACE SECURE FROM THE IRREVERSIBLE DAMAGE OF A CYBER ATTACK

By Alex Bransome, CISO at Doherty Associates, specialists in managing and securing cloud services in the finance sector.   A recent in-depth study into 3000 UK...

News6 days ago

CONTOUR DRIVES TRADE GROWTH FOR BANGLADESH BUSINESSES WITH DOMESTIC LETTERS OF CREDIT

Aims to onboard 50+ corporates supported by Bangladeshi and international banks in next six months   Contour has launched its...

Business6 days ago

A LOW-CODE LONDON MARKET – THE KEY TO INDUSTRY FUTUREPROOFING

By Richard Farrell, Chief Innovation Officer at Netcall   Aged 332 years, the London Market isn’t new to the need to modernise....

Banking6 days ago

LEGACY INFRASTRUCTURES MUSTN’T HOLD BACK INNOVATION IN FINANCIAL SERVICES

Ian Perry, Principal Solution Architect at Zscaler   We are living in a changed world; one of hybrid home/office work...

Finance6 days ago

HOW CFOS CAN TAKE A HOLISTIC APPROACH TO ENTERPRISE AGILITY

Frederic Portal, Financials Product Marketing Director, at Workday   Whether brought on by a market shift, technological innovation or as we...

Technology6 days ago

HOW CAN THE PAYMENTS INDUSTRY PREPARE FOR SCA WITH BIOMETRICS?

By Vince Graziani, CEO, IDEX Biometrics ASA   Significant developments are afoot in the retail and payments industry, with vendors...

News6 days ago

NEXO STANDARDS EXPANDS SCOPE BEYOND CARD-BASED TRANSACTIONS

Advancements will ease integration of payment acceptance solutions across a range of transaction technology   nexo standards, which offers the...

News6 days ago

TRUSTONIC AND SYNTHESIS PARTNER TO MAKE PIN ENTRY POSSIBLE AND UNLOCK THE MOBILE POINT OF SALE MARKET

Cybersecurity technology leader Trustonic today announces its partnership with software and consulting company Synthesis Software Technologies to increase the opportunities available to businesses...

Business7 days ago

HOW TO ENHANCE THE CUSTOMER EXPERIENCE IN YOUR RETAIL STORE

Do you own your own retail store? Are you hoping that 2021 is the year you are able to grow...

Finance7 days ago

THREE STEPS TO ENSURE RECOVERY OF COVID LOANS GOES SMOOTHLY

In the wake of the pandemic, the government acted quickly to provide financial Covid support packages to help struggling businesses....

News7 days ago

SALESFORCE EXPANDS ITS FINANCIAL SERVICES OFFERINGS WITH NEW PRODUCTS FOR CORPORATE AND INVESTMENT BANKING

Tailored tools integrated into Financial Services Cloud support the industry’s transition to digital-first, helping deals get done from anywhere New...

Finance7 days ago

FOUR STEPS TO INTEGRATING INTELLIGENT AUTOMATION IN THE FINANCE DEPARTMENT

Marieke Saeij, CEO of Visma | Onguard   It’s clear that Intelligent Automation (IA) is still very much an emerging...

Technology7 days ago

READING BETWEEN THE BUZZWORDS: DISCOVERING THE POWER OF INTELLIGENT AUTOMATION?

by Yad Jaura, Product Marketing Manager at Netcall    The nature of automation means that new technologies, ideas and solutions are frequently...

Finance7 days ago

FOR THE FINANCIAL SERVICES INDUSTRY TO THRIVE POST-COVID-19, AUTOMATION WILL BE KEY

By Anubhav Mehrotra- Vice President and Head of Financial Services, UK & Ireland, HCL Technologies.   The economic challenges emerging...

Trending