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Custom Credit provides loans to people who could otherwise find it hard to get credit in the UK and tailors the initial loan and the ongoing payment schedule to their individual circumstances.
Ordo’s low cost and secure Open Banking payments platform, using the UK’s cost-efficient real-time money transfer Faster Payments service as the payment rails for the underlying Open Banking payment, provides secure and real time payments, direct from one bank account to another bank account – used for both paying loans securely out, and loan repayment back. Ordo’s fully hosted and managed Open Banking Payments as a Service is lower cost and quicker than receiving card payments, and it’s simple, swift and secure for end users, giving payers a flexible and convenient way to control their money. Custom Credit’s customers can pay using Ordo from more than 98 per cent of banks in the UK, with no need to register, sign up or download an app to be able to make instant and secure payment.
Custom Credit is rolling out Ordo’s Request to Pay and e-commerce services across all areas of its business enabling Open Banking payments to be used for loan disbursement, borrower repayments and ad hoc collections where customers need to flex their repayments to respond to life events and a pay greater or lesser amount for a particular instalment. For these use cases flexible, immediate and accurate Open Banking payments are just perfect. Launching with Ordo’s market leading Variable Recurring Payments (or VRP) services as standard, Custom Credit is looking to make a difference in the lending market for those that have found themselves trapped without affordable credit or the ability to absorb short term stresses in their income or expenditure. With an expert financial sector experienced senior team at Custom Credit, few are better placed to bring this much needed disruption and financial literacy to people from all backgrounds.
Using Ordo’s fully managed services means Custom Credit can lend immediately, and then receive loan repayments back. When a borrower makes a repayment, they are automatically correctly referenced, and deposited into their Custom Credit’s account. Custom Credit customers know where they are with their money, as repayments are debited from their account immediately, so they know the balance they see when they check their bank account is exactly what they have left to spend, no pending payments, meaning they feel in control and able to cope with their finances. Custom Credit also provides helpful, graphical information to the customer on their income and expenditure patterns over time so they can plan accordingly.
Making loan disbursements and repayments is easy: Custom Credit’s customers receive a secure tokenised link, QR code or ‘pay now’ button via text, in-app notification, email or post. Within a few clicks, the repaying customer is directed to securely log into their bank as they usually do, where the specific loan repayment has been set up for them by Ordo waiting for them to authorise. There’s no typing in account or card numbers, no having to remember references, and no waiting for the customer to remember to initiate the journey and make a bank transfer. Making it easy for customers to pay means they’re much more likely to make payment and sooner, meaning better cash flow and much less internal cost in businesses chasing to collect money.
We are delighted Ordo’s fully hosted and managed Open Banking payments as a Service platform is enabling Custom Credit to offer an instant, flexible and secure payments service to its customers, allowing their customers to flex their repayments when life events occur, be it paying less in one instance and paying more when additional funds allow. We fully support the extension of the availability of financial services across a broad spectrum of people from all backgrounds, and we’re pleased that Ordo can be used for people taking control of, and learning more about, their finances.
We’re thrilled to be partnering with Ordo to bring instant Open Banking payments to our offering, both for pay out of loans to, and managed repayments from, our customers. All the team at Ordo were great to work with and the integration process was quick and easy with their expert guidance; they also worked with our CRM partner, BrightOffice, to ensure comprehensive assistance was given at every turn. As the cost of living crisis continues, customers need affordable credit where repayments are constantly being tailored to their individual affordability, and that’s what this partnership brings. Working with Ordo means our customers can feel in control of their money and always have an up to date position of where they are at.
Payments-as-a-Service’ offering, delivers fully managed, white-labelled, turn-key solutions for Open Banking payments including Request to Pay, E-Commerce, QR Code and the very latest VRP enabled services. Ordo’s highly secure service, designed and built by payments experts, provides an array of frictionless payments solutions that are easier than ever for your customers to use, and more cost effective than traditional payment methods. Ordo’s highly secure, cloud-native, open banking enabled payments platform provides businesses large and small with low cost, real-time and easy to use e-commerce, Point of Sale, invoice and contact centre payments direct from their customer’s bank accounts into their own bank accounts. Businesses can access the Ordo platform in a number of ways: though an Ordo Merchant Acquirer/PSP payments partner, via Ordo’s modern APIs, and for smaller businesses, through our integrations with QuickBooks, Sage, and Xero accounting software or directly via Ordo’s web/app interfaces. Ordo’s services are fully managed and hosted, but customisable to deliver a business’s brand look and feel to their paying customers without the need to build bespoke payment journeys and customer management services. Ordo does all this for you. Ordo also uses open banking payments to enable refunds and secure customer pay outs as well as account validation services. Ordo was founded by the former management team of the UK’s Faster Payments Scheme in 2018 to use open banking payments to provide businesses with a much-needed alternative to slow, high-cost card payments and insecure direct bank payments. Ordo is authorised by the Financial Conduct Authority as a Payments Institution for Account Information Services and Payment Initiation Services (FRN 836070). Ordo is backed by private investors, Nationwide Building Society Ventures and CGI, the global IT services business.
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Custom Credit believes the right thing to do is the right thing for its customers, colleagues and company. It is a brand new take on personal loans, and is bringing financial services to people of all backgrounds, providing financial literacy alongside giving its customers control over their finances.
Learn more about Custom Credit: www.customcredit.co.uk
