The Money Platform (TMP), the peer-to-peer lending platform, is improving its ability to deliver timely and accurate payments as it has announced a new partnership with Ecommpay, the global payments platform.
With payments executed on demand with both pay-in and pay-out flexibility, an inclusive payments platform, Ecommpay has enabled TMP to increase the breadth of pay-in methods and use API instructions for outward payment initiation using Faster Banking.
The Money Platform provides a crowd-funded peer-to-peer lending platform. In this evolving and heavily regulated ecosystem, loan payments must be expertly executed and fully auditable across multiple parties. Working collaboratively, Ecommpay has been able to deliver the combined benefits of standard and advanced open banking services in an accessible and cost-effective way, improving conversion and volumes and solving TMP’s pain points.
Delivered as part of a full stack of payment services, TMP has greater flexibility. Using open banking rails for payments enables direct payment to verified end users. Loan values are paid into the platform through both card and instant bank transfers, and consumer repayment plans are fulfilled exclusively through open banking payment initiation payment schedules.
Ensuring loan accessibility for greater inclusivity
“Financial inclusivity and loan accessibility are key tenets for TMP, and Ecommpay shares that ethos,” commented George Huntley, chief executive of The Money Platform. “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.”
“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.”
With Ecommpay, TMP is scaling up to support millions of transactions every month. API call batch instructions allow automated and auditable processes from TMP’s core system. Ecommpay’s Open Banking Advanced provides a robust, secure, rapid, low-cost and easy-to-use mechanism for instant bank pay-outs.
Clare Haskins, head of revenue operations at Ecommpay, added: “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.”
