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Payments and Open Banking pioneers EML and Frollo have combined forces to help lenders and FinTechs access the latest in banking technology and bridge the consumer trust gap with Australia’s most innovative white-label digital wallet product – Nuapay.
EML Payments Limited (ASX: EML) (S&P/ASX 200) and Frollo have made financial history with the announcement of the EML Nuapay product suite, combining the newest innovations in Open Banking, personal finance management and payments in a customisable solution to streamline, enhance and personalise the entire user journey for fast growth neolenders and neobanks. Amongst the many use cases, the disruptive duo removes friction from the lending journey and enables instant decisions and instant access to monies.
Open Banking can be interpreted as a protest against conventional banking, putting consumers in control and recreating a more wholesome relationship with financial institutions. EML Nuapay is a payment revolution with Frollo and gives clients the ability to choose between a no-code, low code and fully customisable API solution.
Gareth Gumbley, Founder & CEO, at Frollo said: ”We believe Open Banking will be a game-changer for consumers worldwide, helping them improve their finances. We’re excited to have found a partner in EML that recognises this opportunity and can help us make this a reality. By integrating market-leading Open Banking, payments, and Personal Finance Management features into a fully customisable solution, Nuapay can offer lenders and FinTechs a simple way to take their customer experience to the next level.”
Sarah Bowles, Group Chief Product Officer, at EML stated: ”The EML team is excited to partner with Open Banking leader, Frollo, in the payment revolution shaking up the financial industry. We’re on a joint mission to remove friction, help consumers feel better about money and help the FinTechs driving this revolution to scale quickly and globally. There’s no better partner than Frollo – its technology, know-how, and talent for delivering a superior experience for consumers are what we’re most excited about.”
- Instant cash: Using Open Banking data and EML’s virtual prepaid cards, the process to approve and disburse a loan is reduced from days to just minutes, eliminating costly and highly manual human-led checks with traditional providers.
- Money management: A market-leading banking app, including personal finance management features.
- Emergency buffer: The ability to quickly go back and turn a transaction into an instalment loan.
- Spend controls: Using AI transaction categorisation to control spend in real-time and place budget caps for specific money buckets.
Frollo is a purpose-driven FinTech on a quest to help people feel good about money. We use Open Banking data to deliver better consumer outcomes and improve financial wellbeing by helping people reduce debt, increase savings or quite simply get a better deal on their finances.
Our SaaS platform brings together our AI engine, APIs, partner integrations and Open Banking-powered solutions for lending and Personal Finance Management.
As the first to go live with Open Banking in July 2020, and being responsible for over 95% of Open Banking API calls to date, Frollo is also leading the way towards a more transparent financial sector for all Australians.