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EML Payments Limited (ASX: EML) (S & P / ASX 200) and Frollo made financial history with the announcement of the EML Nuapay product suite, combining the latest innovations in Open Banking, Financial Management and payments in a customizable solution to streamline, enhance and personalize the entire user journey for fast growing neolenders and neobanks.
Among the many use cases, the disruptive duo removes friction from the lending journey and enables instant decisions and instant access to money.
Open Banking can be interpreted as a protest against conventional banking, giving control to consumers and recreating a healthier relationship with financial institutions. EML Nuapay is a payment revolution with Frollo and gives customers the ability to choose between a code-free, low-code and fully customizable API solution.
Gareth Gumbley, Founder and CEO of Frollo, said: “We believe Open Banking will be a game-changer for consumers around the world, helping them improve their finances. We are delighted to have found a partner in EML who recognizes this opportunity and can help us make it a reality. By integrating the cutting-edge features of Open Banking, Payments and Personal Finance Management into a fully customizable solution, Nuapay can offer lenders and FinTechs an easy way to take their customer experience to the next level. ”
Sarah Bowles, Group Chief Product Officer, EML said: “The EML team is delighted to partner with the leader in Open Banking, Frollo, in the payments revolution shaking the financial industry. Our shared mission is to eliminate friction, help consumers manage their money better, and help FinTechs drive this revolution to evolve quickly and on a global scale. There is no better partner than Frollo – its technology, its know-how and its talent to deliver a superior experience to consumers are what excites us the most. ”
Main characteristics
Instant Cash: Thanks to Open Banking data and EML’s virtual prepaid cards, the loan approval and disbursement process is reduced from days to minutes, eliminating costly and very manual human checks with vendors traditional.
· Money Management: An industry leading banking app, including personal finance management features.
· Emergency buffer: possibility to quickly go back and transform a transaction into an installment loan.
· Spend Control: Using AI transaction categorization to control spending in real time and set budget caps for specific money slices.
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