Fintech company Ecommpay implements Open Banking system for digital wallet service The Money Platform
The Money Platform (TMP) has partnered with Ecommpay to enhance its payment infrastructure, thanks to Ecommpay's Open Banking solution. This innovative technology improves payment efficiency and promotes financial inclusivity by enabling direct, timely, and fully auditable payments through open banking rails.
With this solution, TMP can execute payments on demand, increase the variety of payment methods, improve conversion rates and payment volumes, and reduce costs compared to traditional payment methods. The platform now supports both pay-in and pay-out flexibility, offering instant bank transfers and card payments.
One of the key benefits for TMP is the ability to make payments directly to verified end users, exclusively through API-driven open banking payment initiation and schedules. This not only facilitates better compliance with client money regulations but also enables accurate tracking and segmentation of funds within the platform.
Clare Haskins, head of revenue operations at Ecommpay, has highlighted that this setup removes delays within a chain of providers, improving efficiency. Furthermore, she mentioned that TMP can build and manage its own ledger through Ecommpay's services, all delivered under one roof, through a single integration.
The partnership between Ecommpay and TMP is set to extend beyond the Open Banking solution. Clare Haskins and George Huntley will be featured on the In Focus webcast discussing Pay by Bank and its potential for unlocking new use cases, in partnership with Token.io. They are also anticipating future collaboration to create and deliver tailored solutions.
In summary, Ecommpay's Open Banking solution streamlines payment flows, enhances transparency and regulatory compliance, expands payment options, and makes loan disbursement and repayments more efficient and inclusive in a heavily regulated, peer-to-peer lending ecosystem. This partnership is a significant step forward for TMP, helping them to foster financial inclusivity and loan accessibility while providing an accessible, cost-effective, and inclusive payments infrastructure.
[1] Ecommpay Press Release: [Link to Press Release] [3] The Money Platform Press Release: [Link to Press Release]
- The Money Platform (TMP) has leveraged Ecommpay's Open Banking solution to facilitate direct, timely, and fully auditable payments, which encompass a wide range of business activities like loan disbursement and repayments.
- By partnering with Ecommpay, TMP can now build and manage its own ledger under one roof, thus eliminating delays within a chain of providers and promoting technology advancement in finance.
- In addition to Open Banking, the joint collaboration between Ecommpay and TMP is expected to expand into exploring new use cases for Pay by Bank, strengthening the foundation for innovation in payments and open finance.
