Credit, Collections & Insolvency News
Social lender and financial inclusion Moneyline has announced the expansion of a partnership with Ordo.
The partnership means that Moneyline can now offer a payment option that can help reduce the amount of interest borrowers pay in real terms. Interest is calculated daily, so paying off a portion of the balance sooner when funds are available, made possible by the flexibility of Variable Recurring Payments (VRPs) results in lower interest payments overall.
VRP is the modern-day solution for recurring payments and is particularly beneficial for borrowers unaccustomed to traditional monthly payment structures, and those on low or irregular income. This flexible payment method gives customers greater control over their finances, helping Moneyline fulfil its commitment to providing diverse and customer-centric repayment options. In addition to offering increased flexibility, VRP has the potential to boost a customer’s digital footprint, enabling greater participation in automated products and services. By providing a payment method that supports financial management, Moneyline aims to help customers achieve greater financial stability.
Shiona Crichton, CEO at Moneyline said”We are very excited to be able to offer VRP to our customers who are often excluded from products and services as they struggle making payments on the same day each month .Working with Ordo, who are focussed on offering customers solutions that work for them, has made this process simpler as they have a deep knowledge of the payments systems in the UK .”
Craig Tillotson, CEO at Ordo said “We are delighted to be extending our relationship with Moneyline to bring them and their clients the benefits of enhanced consumer control and business cost reduction with our VRP solution . Open Banking Variable Recurring Payments are set to transform payment options in 2024 and Ordo’s fully hosted end-to-end service is market leading, both in terms of the value it provides and its ease of implementation and management. The novel consumer fo cussed credit solution Moneyline is providing with our VRP service is just the start. Later this year, under the guidance of the UK regulators we will be extending our service across the whole finance sector, as well as into energy, water, telecoms and government payments. It’s particularly exciting to be starting this journey supporting Moneyline to drive greater financial inclusion and customer empowerment from VRP.”