The true fintech pioneer in the US? American Express is breaking borders
American Express and Nova Credit team up to launch a new service that will shape the US fintech landscape
When it comes to fintech, the US is somewhat behind the curve as opposed to peers across the pond in Europe. This comes down to a number of factors, namely the size of the region and the multitude of regulations from state to state, slowing down the rate of payments internally, let alone internationally. American Express is a household name across the world, so it is no surprise that the globally integrated payments company would be at the forefront of the US drive toward seamless payments.
The latest in American Express’ portfolio of partnerships is Nova Credit. The partnership will set out to assist non-native populations gain access to US credit cards. Customers will be able to use their international credit status in order to obtain a US credit card. The company will be the first payments company to offer both immigrants and expats to the US from Australia, Canada, India, Mexico and the United Kingdom the ability to use Nova Credit’s Credit Passport® technology. This enables credit records from some international credit reporting agencies to be translated to a US-equivalent in real-time. This is an industry first, as previously credit history would stop at the border
Sara Milsten, Senior Vice President, New Member Acquisition, U.S. Consumer Services at American Express said: “We want to help remove a barrier for millions of people who’ve been otherwise ignored by the U.S. financial system.
“Thanks to Nova Credit’s Credit Passport®, we can offer newcomers from five international countries the ability to share their credit history with us ‐‐ making it possible for American Express to extend credit to more people.”
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“We believe that no matter where you build a credit history, you should be able to keep it,” said Sarah Davies, Head of Risk & Analytics at Nova Credit. “By translating international credit records from top bureaus around the world into a U.S.‐equivalent score and enabling newcomers to share their credit history with U.S. underwriters like American Express, we are helping people who move to the U.S. to arrive and thrive.”
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