U.K.-based FinTechs have banded together to help self-employed workers prove their income so they can be eligible for financial support, according to a report

The founder of FinTech 11:FS proposed that open banking technology could be used to certify lost income, and the founders of Fronted and Credit Kudos then joined him in coming up with a solution.

Soon, many others were also working on what they termed “Covid Credit.”

“Like many, we saw a challenge for non-salaried workers who are currently ineligible for government relief,” said Fronted Co-founder Jamie Campbell. “By using open banking, we have been able to quickly develop a simple process that allows non-salaried workers to generate a proof statement [that] details their past income and the impact of COVID-19.”

Read more here

Originally posted by:

www.pymnts.com

March 24th, 2020