Jan 25, 2021: Open Banking BNPL w/ Zilch

Written by Gertjan De Wilde

We are ready to get started and have a lot in store for all of our followers this year! We have a lot to share this week and hope you're ready for all of our announcements. As part of our passion to continue providing you with industry-leading information on the open banking segment globally. This update will have the Weekly additions to the Open Banking Tracker (Banks, APIs, TPPs, etc.), an invitation to The Fintech Hackathon, and a look at how Open Banking is allowing a new crop of BNPL (Buy Now Pay Later) companies to fourish!

Blank Space

Blank SPace

Blank SPace

Our Current Coverage

  • • We track 2,742 banks providing open banking services! (+5 from last week)
  • • 1,008 APIs currently tracked on our platform!
  • • 404 TPPs in the ecosystem!
  • • 85 Global markets covered!
  • • 35+ API Aggregators! (with more coming very soon...)
  • • Track over 60+ data points for all open banking projects!
  • • And we are growing on a continuous basis... 🚀🚀🚀

Weekly Developments (Jan 18th to Jan 25th):

We initiated coverage and provided open banking information for:

We continue to cover over 35 aggregators!

You're Invited to The Fintech Hackathon!

We are excited to inform you about an upcoming hackathon and summit being organized by Fintech Nations.

There will be over 100 speakers from leading fintechs around the world between March 1 and 14. This is a huge opportunity to network with the top people in the industry powered by the Brella platform.


To sign up for the event please follow this link.

Exclusively for participants of the FinTech Nations Hackathon: Create your virtual badges for the event here.

Open Banking Use Case Spotlight: Buy Now, Pay Later w/ Zilch

With the year’s peak consumer spending days just recently behind us, we thought it would be appropriate to discuss a booming part of the FinTech space, Buy Now, Pay Later (BNPL) startups, and how they’re capitalizing on the open banking revolution.

BNPL programs are not a new concept. They have been around for many decades in the form of store credit cards. Typically, a big box store incentivizes consumers to spend money on a big-ticket item by extending favorable credit terms, like no interest and many months to pay off the item. A typical step in traditional BNPL programs is that the program's sponsor has to quantify the risk of the client defaulting on their payment obligations and decide if they want to extend credit to a particular customer. This reality forces companies to either maintain a credit department or, more likely for smaller retailers, outsource the process entirely and cutting into already slimming profit margins.


This is where the open banking framework allows FinTech startups, like Zilch, to innovate and disrupt the BNPL consumer credit niche. By using APIs to connect directly to the user’s bank accounts, they can aggregate more information about the user’s spending habits, and using proprietary algorithms, make a better-informed decision about the creditworthiness of a user. Also, because they have access to so much data, they can help their users manage their repayment and be a money coaching tool.

“Zilch ensures customers never over-borrow. We make use of Open Banking and AI along with soft credit checks to determine each customer’s level of affordability. As a result, Zilch’s customers rarely default and make use of the product as a cash flow management tool, which has proven to be of huge value to our customers.”

And as the number of cash-strapped people accessing BNPL services has skyrocketed throughout the pandemic, it’s essential not to allow users to get overleveraged with such schemes.

What’s the key takeaway…

Using the open banking framework, startups are disrupting how we use traditional sales channels. By cracking open the BNPL space, companies like Klarna and Zilch are making the interaction between retailer and consumer a smoother process while at the same time reducing the burden on the retailer to know to whom they are extending credit. And it’s possible to achieve these things while putting the focus on the user’s financial health.


Please feel free to email us back with any coverage or data requests to implement or improve our current data set! We are a customer centric provider and want to make sure our users are as satisfied as can be!

We also highly recommend you to follow our Twitter @BankingTracker for tracker updates, @BanqNetwork for FinTech news, and @Banq_ai for business updates! If you enjoy our newsletter, then please share it - either by forwarding to your contacts or sharing this link on social media.

Have a great week and stay safe!

The Banq team

Interested in more insights?

Banq builds data products and ecosystem solutions for bank and fintech providers.

Join our private beta