Ecommpay boosts The Money Platform with advanced open banking
Ecommpay has implemented an enhanced open banking payment solution for The Money Platform (TMP), a crowd-funded peer-to-peer lending platform.
The adoption of Ecommpay's inclusive payments platform allows TMP to deliver on-demand payments with both pay-in and pay-out flexibility. This has enabled TMP to expand its range of pay-in methods by supporting both card and instant bank transfers, and to use API instruction for outward payment initiation by leveraging Faster Banking channels.
TMP operates within an environment that requires accurate execution and full auditability of loan payments across multiple parties. Compliance and operational transparency are critical in the peer-to-peer lending market, making reliable payment processes essential. Working in collaboration, Ecommpay and TMP have combined standard and advanced open banking services to enhance accessibility and cost-effectiveness while addressing TMP's operational requirements.
Flexible operations
Through the integration of Ecommpay's services, TMP has gained increased flexibility in managing transactions. The platform now enables direct payment to verified end users and orchestrates loan payments and repayments using open banking rails. Payment initiation schedules further support consumer repayment plans, streamlining the full payment cycle for borrowers and lenders.
George Huntley, Chief Executive of The Money Platform, commented on the partnership, highlighting the importance of financial inclusivity and transparency in TMP's operations.
"Financial inclusivity and loan accessibility are key tenets for TMP, and Ecommpay shares that ethos. Bringing multiple parties together and demonstrating unequivocal money flow is the basis of transparency and trust for this industry, and Ecommpay has helped us deliver just that."
Huntley also addressed the efficiency benefits, adding: "Through Ecommpay, payments within TMP are now verified and authorised before execution, ensuring the details of the transaction are confirmed before it is made in a highly cost-effective manner. This creates a positive customer experience."
Automated scale
With the solution in place, TMP has begun scaling up to process millions of transactions monthly. Ecommpay's API enables batch call instructions, automating payment flows and ensuring auditable processes from TMP's central system. Open Banking Advanced, as provided by Ecommpay, allows for instant and secure bank pay-outs at a low cost, improving the overall transaction experience for users.
Clare Haskins, Head of Revenue Operations at Ecommpay, described how the project was managed to deliver tangible business results for TMP.
"Because our team took time to fully understand TMP's model and needs, we have been able to simultaneously deliver a significant reduction in operating costs as well as the ability for TMP to build and manage its own ledger. With all our services delivered under one roof, through a single integration, we are also helping to remove delays that typically occur within a chain of providers, improving efficiency still further.
"We look forward to working with TMP to create and deliver more tailored solutions to improve its offering and customer experience in the future."
