AN APP that helps users monitor forgotten direct debits and avoid going into their overdrafts has been authorised to access Open Banking and is now in talks to include peer-to-peer lenders in its proposition.
The Emma app, which aims to help consumers track debt and save money, is in the process of integrating offerings from fintech firms such as Monzo and Revolut and says bringing P2P lenders on board would fit within its work.
“We are already in talks with several [P2P firms] to integrate them within Emma,” Edoardo Moreni, co-founder of Emma, said.
“At this point, we can help people avoid overdrafts, find and cancel subscriptions, track debt and save money; so a line of credit from a P2P lender will make sense to our users.”
Read more: P2P lenders gear up for Open Banking launch
Open Banking is a UK regulatory initiative that mirrors the Payment Services Directive II in the EU.
Mainstream banks are required to adopt and maintain common API (application programming interface) standards through which they will share data with other providers and third parties such as P2P lenders.
Providers can either obtain regulatory permissions from the Financial Conduct Authority (FCA) to access the data directly or can do it through third parties.
“We started developing Emma on a mission to improve people’s financial wellbeing,” Antonio Marino, chief technology officer at Emma, said.
“We are thrilled to announce the FCA has given us full permission to achieve our goal. Further, we are happy to share we are currently working to integrate a series of challenger banks and savings solutions to further extend our offering.”