EML and Frollo are coming together to launch a new technology for open banking. It will allow fintech firms and lenders to enhance their operations.
EML, a payments tech firm located in Australia, is collaborating with Frollo, a fintech company based in Sydney. The two are developing a Nuapay product suite for EML. The official announcement of this development stated that EML clients would now have access to no-code, low-code, and customizable APIs. Besides, lenders and financial technology companies would be given priority in launching on Australia’s first open banking platform.
Innovativeness of open banking
The product suite feature will include all technologies relating to open banking, payments, and financial firms. This would be done in a customizable way. Gareth Gumbley, the CEO and founder of Frollo, stated that open banking would transform how consumers worldwide were handling their finances.
The CEO further added that the partnership had taken advantage of an opportunity. Companies that become part of this initiative will have a better way of enhancing their customer experience and taking it to the next level.
The Chief Product Officer for EML, Sarah Bowles, added that the technology would revamp the entire financial industry. Speaking on behalf of EML, she stated that the firm would eliminate challenges in their financial sector and help consumers feel better about their investments. This would further boost the growth of fintech. Frollo’s technology capability would give consumers a superior experience, which was enhancing business processes.
Key features of the platform
The new product suite will have several features that will push it ahead of other competing platforms. Firstly, it will exploit open banking data and virtual prepaid cards from EML. This will increase the speed at which lenders approve loans. Furthermore, it would eliminate the high transaction costs and human efforts associated with loan processing, thereby guaranteeing instant cash.
The second feature involves enhancing money management. This will ensure the creation of banking apps leading in the market. These apps will enhance customer experience given that customers will have a personal finance management feature creating convenience, transparency, and accountability.
The third feature will be an emergency buffer. This will allow transactions to be settled quickly, where they can easily be reversed and turned into installment loans. The fourth feature is that it will enable budget limits. Using AI transactions will control spending in real-time and set budgets that will limit spending on various categories.