Financial service provider Ecommpay implements an Open Banking solution for The Money Platform, enabling seamless transactions and banking services.
The Money Platform, a crowd-funded peer-to-peer lending platform, has seen significant improvements in its operations thanks to the partnership with Ecommpay. George Huntley, the CEO of The Money Platform, has commended Ecommpay for sharing the platform's ethos of financial inclusivity and loan accessibility.
Clare Haskins, head of revenue operations at Ecommpay, stated that the team's deep understanding of The Money Platform's model and needs has enabled a substantial reduction in operating costs. This reduction is attributed to Ecommpay's Open Banking Advanced solution, which has been seamlessly integrated into The Money Platform.
The solution offers numerous benefits, including multiple payment options and cost efficiency. Customers can now make payments via various channels, with the "pay by bank" option being a notable addition. This option simplifies transactions, reduces points of potential customer problems, and is cheaper for The Money Platform compared to previous payment methods.
Ecommpay's solution also provides improved payment tracking and compliance. The platform offers a robust dashboard that allows The Money Platform to accurately track each payment throughout its entire lifecycle. This detailed tracking supports segmentation of funds within wallets, ensuring clear separation between money owed to lenders and fees owed to The Money Platform, which is crucial for regulatory compliance related to client money regulations.
The integration has also helped The Money Platform meet the stringent compliance standards associated with managing client funds directly. This was particularly beneficial when The Money Platform transitioned from using an Electronic Money Institution (EMI) to holding client money themselves under FCA regulation.
By consolidating payment infrastructure with Ecommpay, The Money Platform has also experienced operational efficiencies. This has resulted in a reduction in the number of customer service interventions needed during payment processes, contributing to smoother and more efficient operations.
Payments on The Money Platform are executed on demand with both pay-in and pay-out flexibility. Loan values are paid into the platform through both card and instant bank transfers. Payments within The Money Platform are now verified and authorized before execution, ensuring transaction details are confirmed before they are made in a highly cost-effective manner.
Ecommpay's services are delivered under one roof, through a single integration, reducing delays that typically occur within a chain of providers. This streamlined approach has been instrumental in assisting The Money Platform in delivering timely and accurate payments.
The partnership between Ecommpay and The Money Platform is not only improving operational efficiency but also enhancing the overall customer experience. According to George Huntley, payments through Ecommpay create a positive customer experience.
The partnership between Ecommpay and The Money Platform is highlighted in a webcast on In Focus, discussing how Pay by Bank can unlock new use cases, in partnership with Token.io. Further reading is available on the partnership between Ecommpay and ekko, aiming to embed sustainability into payments. Clare Haskins anticipates working with The Money Platform to create and deliver more tailored solutions to improve its offering and customer experience in the future.
[1] Source: Ecommpay press release, dated 1st April 2022.
- The Open Banking Advanced solution from Ecommpay, integrated into The Money Platform, offers multiple payment options, such as "pay by bank," simplifying transactions, reducing potential customer problems, and saving costs for The Money Platform.
- The partnership with Ecommpay has enabled The Money Platform to meet compliance standards associated with managing client funds directly, and has supported the accurate tracking of each payment throughout its lifecycle.
- Clare Haskins, head of revenue operations at Ecommpay, has expressed interest in working with The Money Platform in the future to deliver more tailored solutions, enhancing the platform's offering and customer experience.
