Moneyline expands collaboration with Ordo

Tuesday 13 February 2024 08:33 CET | News

Social lender Moneyline has expanded its collaboration with Ordo to include Variable Recurring Payments (VRP), aiming to advance financial inclusion for lenders and borrowers. 

As per the information detailed in the press release, Moneyline issued one of its first loans to be repaid leveraging VRP, a swift and secure method to collect recurring payments, which has decreased costs and is more manageable for collecting organisation and paying consumers. Initially, the company partnered with Ordo in 2021 for Request to Pay Open Banking services and, building on that collaboration, Moneyline now included the firm’s VRP solution, allowing loan repayment collection for both lender and borrower.

Social lender Moneyline has expanded its collaboration with Ordo to include Variable Recurring Payments (VRP), aiming to advance financial inclusion for lenders and borrowers.

Moneyline’s development strategy

With a commitment to maximising the value of money for its customers, Moneyline’s expanded collaboration with Ordo enables the company to provide a payment option that can support the reduction of the amount of interest borrowers pay in real terms. Considering that interest is calculated daily, paying off a segment of the balance at an earlier time when funds are available can result in decreased interest payments overall. As a solution for repeated payments, VRP provides customers with increased control over their finances, supporting Moneyline in achieving its objective of offering diverse and customer-centric repayment options.

Furthermore, in addition to providing improved flexibility, VRP can increase a customer’s digital footprint, allowing enhanced participation in automated products and services. By offering a payment method that assists financial management, Moneyline intends to support customers in achieving financial stability. According to Moneyline’s officials, the company aims to provide VRP to its customers who are often excluded from products and services as they have difficulties making payments on the same day each month. By working with Ordo, a firm that focuses on offering customers solutions that are suitable for their needs, the process of integrating VRP was made simpler due to Ordo’s knowledge of the payment systems in the UK.

Representatives from Ordo underlined that the extended collaboration with Moneyline intends to provide the latter’s clients with enhanced consumer control and business cost reduction with their company’s VRP solution. In addition to its partnership with Moneyline, under the guidance of the UK regulators, Ordo plans to expand its service across the entire finance sector, as well as into energy, water, telecoms, and government payments. Also, the partnership with Moneyline supports the company’s commitment to greater financial inclusion and customer enablement from VRP. By adopting Ordo’s VRP, Moneyline underscores its allegiance to offering accessible and inclusive financial solutions. Additionally, Moneyline solidifies its position in the financial services sector by providing flexible payment methods tailored to customers’ needs and requirements.

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Keywords: recurring payments, Open Banking, Variable Recurring Payments, financial inclusion, financial services
Categories: Banking & Fintech
Companies: Moneyline, Ordo
Countries: United Kingdom
This article is part of category

Banking & Fintech




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