Fiinu PLC (AIM:BANK) has announced that its Plugin Overdraft technology has moved into the production environment with Conister Bank, marking a key step towards a planned proof-of-concept launch by the end of the year.
The AIM-listed fintech and Conister, a subsidiary of Manx Financial Group (AIM:MFX), have agreed an addendum to their existing Master Services Agreement covering an updated implementation timetable, deployment arrangements and the partnership's longer-term commercial framework.
The initial rollout is intended to help Conister offer overdraft facilities to customers of Payment Assist Limited, which has an existing and growing customer base of around 1.5 million. Fiinu's technology allows banks to provide overdrafts alongside accounts held elsewhere, meaning customers do not need to switch their primary current account.
Chief executive Dr Marko Sjoblom said the Payment Assist customer base demonstrated the “potential scale of this partnership”. Subject to successful implementation and customer adoption, Conister intends to extend the proposition to new customers and the wider market.
Fiinu said the partners are completing remaining implementation work and third-party integrations ahead of the year-end launch. Separately, the company continues discussions with financial services organisations outside the UK and Isle of Man over potential deployments of Plugin Overdraft and its broader unbundled banking technology.
