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CreditLadder secures PIS approval from the FCA

Source: CreditLadder

The UK’s fintech CreditLadder has been approved by the Financial Conduct Authority (FCA) as a Payment Institute.

This approval enables CreditLadder to organise and request payments on behalf of consumers from their bank to a businesses bank account as an approved Payment Initiation Service (PIS). PIS gives CreditLadder the ability to initiate payments on behalf of SME’s across any industry. It can now also offer personal financial information ‘dashboards’ to customers as an approved Account Information Service (AIS) provider, should they wish to do so. Combining this with the ability to improve a tenants credit score could offer users significant financial savings.

CreditLadder is now one of only 15 companies in the UK to be registered for both AIS and PIS.

Sheraz Dar CEO of CreditLadder.co.uk, says: “Winning FCA approval is a huge step forward for CreditLadder because it significantly widens the range of services we can offer consumers and SMEs and underlines to them as well as commercial partners and investors the integrity of our platform.”

Greg Michel of Tech Nation, says: “We are delighted to see members of our fintech programme excel. CreditLadder receiving approval from the Financial Conduct Authority for both AIS and PIS is a huge statement about the fundamental importance of their work. We look forward to seeing how this will open up new avenues for CreditLadder as their work and company develop.”

AIS and PIS have been made possible by the revised Payment Services Directive or PSD2, which earlier this year brought tech-based payment companies like CreditLadder into the regulatory fold.

PSD2 was designed to create a level playing field for all payment services providers while ensuring enhanced security and strong customer protection but also driving innovation, with the ultimate benefit to be felt by the consumer.

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