Custom Credit partners with Ordo

Tuesday 27 February 2024 13:18 CET | News

Custom Credit has announced its partnership with Open Banking fintech Ordo in order to improve financial literacy and make credit accessible with disruptive VRP solutions. 

Following this announcement, the collaboration is expected to leverage Ordo’s disruptive Variable Recurring Payments (VRP) service, which will be powered by Open Banking. In addition, it is also set to offer a lifeline to the customers and partners that are typically overlooked by traditional lending institutions. 

In addition, Custom Credit will focus on its strategy of improving financial literacy and becoming more customer-centric by meeting the needs, preferences, and demands of its clients in an ever-evolving market. By launching with Ordo’s VRP solution, Customer Credit will be given the possibility to disburse a large sum of GBP via Ordo, streamlining both loan payouts and repayments, as well as having around 20% of its current portfolio leveraging VRP each month. 


Custom Credit has announced its partnership with Open Banking fintech Ordo in order to improve financial literacy and make credit accessible with disruptive VRP solutions.

More information on the partnership

Variable Recurring Payments (VRP) represent a dynamic alternative to a traditional direct debit method which was developed in order to offer optimised and secure advantages, such as improved repayment rates and a fivefold increase in smart transactions. By using Open Banking, Customer Credit will ensure a user-centric borrowing experience with safe, swift, and tailored repayment schedules. This process is set to enable borrowers to manage their finances in an efficient and transparent way. 

Currently, multiple banks and financial institutions are tightening their credit policy and restricting access to credit. This situation makes the process of offering loan products that consider the needs and individual circumstances of customers an important step, including the clients with irregular incomes, or those who receive bonuses as part of their whole salary. As credit represents a necessary tool in the process of achieving financial goals, the partnership between Custom Credit and Ordo will focus on providing a more inclusive and adaptable approach to it. 

Since the integration of Ordo’s VRP solution, Customer Credit was enabled to tailor repayments in a more efficient and secure manner, while also being allowed to react more quickly to individual needs and ensuring affordability and inclusivity for all borrowers. At the same time, this collaboration is expected to enable borrowers to manage their repayments, while reducing the risk of defaults and fostering improved financial responsibility and literacy as well. 

Additionally, the flexibility of VRP will enable repayment plans to be adapted to changes in income and alleviate unnecessary financial stress. By eliminating the risk of both defaults and mistakenly plugging into the unarranged overdrafts, VRP will optimise credit, lending, and money management, as well as provide lower costs and optimised efficiency for both lenders and borrowers. 

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Keywords: partnership, Open Banking, Open Finance, banking, online banking, mobile banking, digital banking, financial services, financial institutions
Categories: Banking & Fintech
Companies: Custom Credit, Ordo
Countries: United Kingdom
This article is part of category

Banking & Fintech

Custom Credit



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