Custom Credit, a FinTech which provides loans to people who could otherwise find it hard to get credit in the UK, has partnered with payments tech company Ordo.
Custom Credit tailors the initial loan and the ongoing payment schedule to a person’s individual circumstances.
It will use Ordo’s open banking payments platform – third on our FinTech 50 ranking – to enable payments direct from one bank account to another. Custom Credit’s customers can pay using Ordo from more than 98% 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 eCommerce 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.
It launches with Ordo’s Variable Recurring Payments (or VRP) services as standard.
When a borrower makes a repayment, they are automatically correctly referenced, and deposited into their Custom Credit’s account. With any payment they will also 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.
“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,” said Ordo CEO Craig Tillotson.
“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.”
Damien Burke, founder and CEO of Custom Credit, said: “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.”