The Payments and Open Banking platforms EML Payments Limited and Frollo have combined forces to help lenders and fintechs access the latest in banking technology and bridge the consumer trust gap through the joint launch of the Australian white-label digital wallet product Nuapay.
The EML Nuapay product suite combines the latest innovations in Open Banking, personal finance management, and payments into a customisable solution to streamline, enhance and personalise the user journey for fast growth neolenders and neobanks. Amongst the many use cases, the service removes friction from the lending journey and enables instant access to financial services.
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 gives clients the ability to choose between a no-code, low code, and fully customisable API solution.
”We believe Open Banking will be a game-changer for consumers worldwide, helping them improve their finances,” comments Gareth Gumbley, Founder & CEO, at Frollo. “We’re excited to have found a partner in EML that recognises this opportunity and can help us make this a reality. By integrating market-leading Open Banking, payments, and Personal Finance Management features into a fully customisable solution, Nuapay can offer lenders and fintechs a simple way to take their customer experience to the next level.”
Sarah Bowles, Group Chief Product Officer, at EML added ”The EML team is excited to partner with Open Banking platfrom Frollo, in the payment revolution shaking up the financial industry. We’re on a joint mission to remove friction, help consumers feel better about money, and help the fintechs driving this revolution to scale quickly and globally. There’s no better partner than Frollo – its technology, know-how, and talent for delivering a superior experience for consumers are what we’re most excited about.”
The key features of the Nuapay service include:
- Instant cash: Using Open Banking data and EML’s virtual prepaid 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 to control spend in real-time and place budget caps for specific money buckets.
