Fintech, Finance, Technology, Banking Highlights – 18 May 2018
Mastercard and U.S. Bank Voyager Put Fleet Managers in the Driver’s Seat
Company car drivers have to manually enter in their driver ID and odometer reading every time they use a fleet card to pay at the pump. This can lead to mistakes and potential overspending on fuel.
Mastercard today unveiled a new service to automatically integrate fuel and maintenance data from a connected car’s dashboard into the payment process. The service will streamline the process, providing fleet managers greater transparency and control.
“Technology is unlocking new ways to deliver greater peace of mind,” said Kiki Del Valle, senior vice president, Commerce for Every Device, Mastercard. “Combining digital payments capabilities with data from connected vehicles allows banks to give fleet managers a unique view into the inner workings of their business.”
U.S. Bank will be the first to pilot these new features, giving fleet managers the flexibility, visibility and control to manage day-to-day expenses.
With the new Mastercard service, fleet vehicles that roll into a gas station will automatically register vehicle data including location, odometer and fuel gauge readings when they arrive at the pump. Drivers will be able to refuel at the pump without having to manually enter their data.
LendingPoint secures up to $600 million credit facility arranged by Guggenheim Securities
LendingPoint, the company working to revolutionize access to consumer credit, announced it has closed an up to $600 million, committed credit facility arranged by Guggenheim Securities, the investment banking and capital markets division of Guggenheim Partners.
With this new deal, LendingPoint has secured up to $1.1 billion of senior credit financing in less than one year. In September 2017, the company announced it had secured an up to $500 million committed credit facility, also arranged by Guggenheim Securities.
Equifax works with HSBC on Open Banking credit applications
HSBC UK has created the first live use case of open banking for credit applications using the InterConnect platform from Equifax, the consumer and business insights expert.
The solution will facilitate quick affordability assessments by allowing individuals to submit their bank transaction information electronically, in less than five minutes, during an application for credit.
Each submission is presented directly to HSBC UK Underwriting in real-time, providing the bank with a fast and informed view of a customer’s affordability and facilitating faster lending decisions.
The Equifax InterConnect platform is a flexible cloud-based decision management platform, which consolidates insight on credit applicants and streamlines the risk decision process. The Equifax platform collates consumer current account transaction information from its third party fintech partners, classified according to FCA guideline categories; committed spend, basic quality of living, essential spend, and discretionary spend.
Jake Ranson, Banking and Financial Institution expert and CMO at Equifax Ltd, said: “This work with HSBC reflects our ongoing commitment to the open banking initiative and our drive to deliver to our banking and financial services clients the best solutions for their customers in this new world of open data.
