Custom Credit, a FinTech which provides loans to people who could otherwise find it hard to get credit in the UK, has partnered with payments tech company .
Custom Credit tailors the initial loan and the ongoing payment schedule to a person鈥檚 individual circumstances.
It will use Ordo鈥檚 open banking payments platform – third on our FinTech 50 ranking – to enable payments direct from one bank account to another. Custom Credit鈥檚 customers can pay using Ordo from more than 98% of banks in the UK, with no need to register, sign up or download an app to be able to make instant and secure payment.
Custom Credit is rolling out Ordo鈥檚 Request to Pay and eCommerce services across all areas of its business, enabling open banking payments to be used for loan disbursement, borrower repayments and ad hoc collections where customers need to flex their repayments.聽
It launches with Ordo鈥檚 Variable Recurring Payments (or VRP) services as standard.
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When a borrower makes a repayment, they are automatically correctly referenced, and deposited into their Custom Credit鈥檚 account. With any payment they will also receive a secure tokenised link, QR code or 鈥榩ay now鈥� button via text, in-app notification, email or post.聽
Within a few clicks, the repaying customer is directed to securely log into their bank as they usually do, where the specific loan repayment has been set up for them by Ordo waiting for them to authorise.聽
鈥淲e are delighted Ordo鈥檚 fully hosted and managed Open Banking payments as a Service platform is enabling Custom Credit to offer an instant, flexible and secure payments service to its customers, allowing their customers to flex their repayments when life events occur, be it paying less in one instance and paying more when additional funds allow,鈥� said Ordo CEO Craig Tillotson.聽
鈥淲e fully support the extension of the availability of financial services across a broad spectrum of people from all backgrounds, and we鈥檙e pleased that Ordo can be used for people taking control of, and learning more about, their finances.鈥�
Damien Burke, founder and CEO of Custom Credit, said: 鈥淲e鈥檙e thrilled to be partnering with Ordo to bring instant open banking payments to our offering, both for pay out of loans to, and managed repayments from, our customers.聽
鈥淎ll the team at Ordo were great to work with and the integration process was quick and easy with their expert guidance; they also worked with our CRM partner, BrightOffice, to ensure comprehensive assistance was given at every turn.聽
鈥淎s the cost of living crisis continues, customers need affordable credit where repayments are constantly being tailored to their individual affordability, and that鈥檚 what this partnership brings. Working with Ordo means our customers can feel in control of their money and always have an up to date position of where they are at.鈥�
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