Ecommpay has announced that its improved Open Banking solution will be leveraged by The Money Platform (TMP) in order to deliver timely and accurate payments.
Following this announcement, with payments being executed on demand with both pay-in and pay-out flexibility, inclusive payments platform, Ecommpay has enabled TMP in order to increase the breadth of pay-in methods and leverage API instruction for outward payment initiation using Faster Banking.
In addition, The Money Platform was developed in order to provide a crowd-funded peer-to-peer lending platform. In this evolving and regulated ecosystem, loan payments are required to be expertly executed and fully auditable across multiple parties.
With this in mind, by working collaboratively, Ecommpay was enabled to deliver the combined benefits of standard and improved Open Banking services in an accessible and cost-effective way, aiming to optimise conversion and volumes, as well as solve TMP’s pain points.
More information on the Ecommpay x The Money Platform partnership
According to the official press release, with Ecommpay, TMP will have the possibility to focus on scaling up to support millions of transactions every month. API call batch instructions will allow automated and auditable processes from TMP’s core system, while Ecommpay’s Open Banking Advanced will provide a secure, rapid, low-cost, and easy-to-use mechanism for instant bank pay-outs.
Delivered as part of a full stack of payment services, TMP provides improved flexibility, and, by using Open Banking rails for payments, it will have the capability to enable direct payment to verified end users. At the same time, loan values will be paid into the platform through both card and instant bank transfers, while consumer repayment plans will be fulfilled exclusively through Open Banking payment initiation and payment schedules.
