Fiinu (LSE:BANK) has agreed an addendum to its Master Services Agreement with Conister Bank, moving its Plugin Overdraft platform into a production environment ahead of a planned proof-of-concept launch by the end of the year.
The addendum establishes an implementation timetable and a longer-term commercial framework between the two companies, combining Fiinu’s overdraft technology with Conister Bank’s lending operations.
Under the initial deployment, the platform will support Conister Bank in providing overdraft facilities to approximately 1.5 million customers of Payment Assist Limited.
The companies may subsequently extend the offering to new Conister Bank customers and the broader market.
Fiinu said its Plugin Overdraft technology allows banks to provide overdraft facilities without requiring customers to move their primary current accounts.
The company is also holding discussions with international financial services organisations regarding potential applications of its technology.
More about Fiinu Plc
Fiinu Plc is a U.K.-based fintech group listed on AIM that develops banking technology products, including its Plugin Overdraft platform.
The platform is designed to allow banks to offer overdraft facilities separately from customers’ primary current accounts.
Fiinu’s business model involves providing its technology to banking partners that can use the platform to offer credit products to customers while allowing them to retain their existing primary banking relationships.
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