NEWS
NEWS
Bread Financial and NNEDV empower domestic abuse survivors as they begin their journeys to financial independence
Unlike physical violence , the signs of financial abuse aren ’ t as visible . There are no black eyes or broken bones . Instead , survivors are left with permanent financial scars that can take years to fade , greatly impacting their future safety and wellbeing .
A form of domestic violence and a common tactic of abusers , financial abuse occurs when one partner uses the couple ’ s finances to gain power and control . Often beginning subtly and progressing over time , the abuse could include acts such as concealing financial information , sabotaging work or education opportunities , controlling or withholding funds and ruining credit .
“ Financial abuse is pervasive but hard to detect as it doesn ’ t leave obvious marks and it ’ s not uncommon for one partner to manage the majority of a couple ’ s finances ,” said Stephanie Love-Patterson , President and CEO , the National Network to End Domestic Violence ( NNEDV ). “ Currently , three out of every 10 women and one out of every 10 men report being stalked , physically or sexually assaulted by an intimate partner at some point in their life , and of those victims , an astounding 99 % report experiencing financial abuse .”
NNEDV , a social change organisation , aims to create a world where domestic violence no longer exists . Recognising the significant role financial abuse plays in trapping victims , it developed programmes and resources focused on improving credit scores and addressing both the short and long-term impacts of abuse .
With funding and support from partners like Bread Financial , NNEDV launched the Independence Project in 2017 , a credit-building microloan programme for financial abuse survivors . By consistently making on-time payments toward US $ 100 no-fee , interest-free loans , survivors can learn to better navigate the financial system , improve their credit scores and build a more positive relationship with their finances .
ClearBank and Visa announce intention to partner for issuance and money movement solutions
ClearBank , the enabler of real-time clearing and embedded banking , and Visa , a world leader in digital payments , have announced their intention to collaborate for Issuance and Money Movement solutions , enabling clients to process both local and cross-border transactions .
By utilising ClearBank ’ s cloud-native banking infrastructure , Visa could soon benefit from its real-time payment processing , enhanced transaction visibility and a streamlined reconciliation process when processing transactions in the UK and Europe .
The announcement follows ClearBank ’ s recent expansion into Europe , having secured a Credit Institution Licence from the European Central Bank , under the supervision of De Nederlandsche Bank . This means the company can now bring its proven , successful business model to Europe , providing clearing and embedded banking services across the region .
Furthermore , ClearBank is looking to issue Visa cards to customers in the UK , expanding its existing offering .
“ ClearBank and Visa have a shared vision to drive innovation in the industry and deliver greater value for our customers , so this partnership is a natural fit . Today ’ s announcement is only the beginning of our multi-faceted collaboration , and we ’ re excited to see how we can continue to provide our mutual customers with the right technology to innovate and empower them to build new propositions . We ’ re delighted to have Visa onboard as we continue this journey ”, said Emma Hagan , Chief Executive Officer , ClearBank UK .
Beyond the initial service rollout , the partnership also has plans to launch Visa Direct , the money movement solution that includes real-time cross-border payments to cards , accounts and wallets in over 190 countries , in-country local collections and multi-currency money management .
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