LendTech Collective
Monthly Newsletter | July 2023 (Edition:127)
In this edition:
- This edition explores current BNPL regulations, emphasizing responsible lending, consumer protection, and transparency.
- Keep abreast of the latest news in the banking & lending sector.
- Explore our coverage of cutting-edge technological developments driving the FS industry.
- Stay Updated with the Latest Events shaping the Banking & Lending Industry.
BNPL Regulation and Compliance: How to Sustain Growth.
Buy Now Pay Later (BNPL) has experienced an explosive surge in popularity due to its convenience, absence of interest rates, and streamlined approval process. The increasing adoption of BNPL has highlighted the growing significance of financial compliance within the industry. As more consumers embrace this payment option, ensuring robust measures to protect consumer rights, privacy, and financial well-being becomes imperative. Regulatory focus has intensified, with guidelines and standards addressing transparency, fair lending practices, responsible lending, and anti-money laundering measures in the BNPL space. Striking the right balance between innovation and regulation remains essential to foster consumer trust, maintain financial stability, and promote sustainable growth in this dynamic sector.
Get Insights to stay ahead in the lending industry
Insights delivered monthly!
What’s Making Headlines
UK plans to crack down on BNPL sector reportedly shelved.
Retailers and financiers for BNPL may be heaving a sigh of relief. According to reports, more stringent legislative regulation of the buy-now-pay-later industry may be postponed.
Union Credit Launches Marketplace of Trusted Credit Union Lenders.
Union Credit launched the first marketplace for credit unions to make firm, one-click credit offers at the point of purchase. Union Credit is the pioneer marketplace for credit unions to reach new, credit-worthy members from outside their ecosystem,
Fed set to launch long-awaited instant payment service
The U.S. Federal Reserve is due to imminently launch a long-awaited service which will aim to modernize the country’s payment system by eventually allowing everyday Americans to send and receive funds in seconds, 24 hours a day, seven days a week.
Tech Talk
Google’s generative AI news writing tool undergoes testing, suggests report.
Google is reportedly developing an AI tool called Genesis to help journalists write news articles. The tool uses a large language model and aims to address challenges associated with generative AI.
The US government has launched the Cyber Trust Mark, an IoT security labeling program.
The Biden administration has launched its long-awaited Internet of Things (IoT) cybersecurity labeling program that aims to protect Americans against the myriad security risks associated with internet-connected devices.
Plaid Beacon introducing real-time fraud prevention solution
Plaid has announced the launch of Plaid Beacon. This anti-fraud network enables real-time, secure data sharing across the ecosystem to mitigate repeat fraud against businesses for fintech and banks via API (Application Programming Interface).
Fintech Buzz
Money 20/20
22-25 Oct. 2023
Lavegas USA.
For any feedback, suggestions, or questions, feel free to write to us at: editors@insightconsultants.online.
