This twist makes them far more akin to banks.
Wonga's staff are keen to position its service as more akin to bank overdrafts, than to rival payday lenders.
Coupled with the changing lender base, the result is that would-be borrowers are now evaluated in ways akin to banks' traditional underwriting processes, and the borrower base consists largely of borrowers able to get credit elsewhere.
An expensive project called Bolero, backed by banks, insurers and several shipping companies as well as the European Union, is being built to create electronic bill-of-lading systems, akin to banks' international-payment systems.
Just as important, in the eyes of federal officials, was that money market funds had long been viewed by investors as akin to bank accounts — a safe place to store cash and earn interest on that money.
Critics say the efforts are aimed primarily at pushing students outside of the default window measured by the federal government -- a process akin to banks keeping bad loans off the books.
Axelrod said, "Larry did voice an argument that there might be a need for a more dramatic event with some of these banks, akin to the bank holiday".
By knitting together a network of agents selling airtime into something akin to a banking grid, the scheme opened up cheap and instant payments to the masses.
Instead, a lender commits its money until the final payment is due and it bears the risk of default.The lithe and the lumberingIf fintech platforms were ever to become the main sources of capital for households and firms, the established industry would be transformed into something akin to "narrow banking".
"The business model of the pubcos has been akin to the banks.
"Securities lending made AIG vulnerable to a phenomenon akin to a bank run," says a market participant.
