PAYMO has announced that it is developing a system to unite providers and consumers of financial services in one information space as part of an effort to provide consumers with a range of financial services in a faster, more efficient manner. The new financial marketplace will offer the following financial products: loans, deposits, various card products and investment services. The marketplace will work by integrating several databases and also plans on serving as a space for financial consumers to learn about financial solvency.
Implementation of the marketplace is planned in three stages:
- produce/service aggregation of offerings from various financial institutions,
- providing actual services on the site itself and
- the introduction of investment services.
In order for the marketplace to become fully-functional, changes to existing personal identification legislation will need to be made.
PAYMO intends to discuss the concept of the financial marketplace in the near future with representatives of the Central Bank. If all goes well, the project is expected to take about 4 months to implement.