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.
- Instant cash: Using Open Banking data and EML’s virtual debit 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 on payments cards to control spend and place budget caps for specific money buckets.
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