Introduction
Custom Credit has formed a strategic alliance with Open Banking platform Ordo to boost financial literacy and introduce innovative Variable Recurring Payments (VRP) options. This partnership aims to leverage Ordo’s cutting-edge VRP service, enabled by Open Banking, to provide improved financial solutions for clients often neglected by conventional lenders.
Utilizing VRP for Financial Inclusion
The collaboration will harness Ordo’s VRP service to streamline mortgage payments and repayments, with Custom Credit incorporating this technology to enhance financial literacy and customer satisfaction. By adopting VRP, Custom Credit can manage a substantial portion of its transactions more effectively, ensuring that around 20% of its current portfolio benefits from this advanced payment system monthly. This initiative is focused on making financial services more accessible and client-centric.
The Advantages of Variable Recurring Payments
Variable Recurring Payments (VRP) present a modern alternative to traditional direct debit systems, offering benefits such as faster processing and higher transaction success rates. By implementing Open Banking, Custom Credit guarantees a secure, swift, and tailored borrowing experience, enabling borrowers to manage their finances transparently and efficiently. This method addresses the financial needs of those with irregular incomes or who rely on bonuses as part of their earnings.
Adapting to Evolving Financial Needs
As financial institutions tighten credit policies, it becomes essential to provide mortgage products that cater to diverse customer requirements. The partnership between Custom Credit and Ordo aims to develop flexible credit solutions that accommodate various financial situations. By integrating Ordo’s VRP technology, Custom Credit can adjust repayments more securely and efficiently, ensuring affordability and inclusivity for all borrowers.
Encouraging Financial Responsibility and Literacy
This collaboration is expected to enhance financial responsibility and literacy among borrowers, reducing the risk of defaults and promoting better financial habits. The flexibility of VRP allows repayment plans to adapt to changes in income, minimizing unnecessary financial stress. This partnership will optimize credit, banking, and money management processes, resulting in lower costs and increased efficiency for both lenders and borrowers.
Conclusion
The partnership between Custom Credit and Ordo marks a significant advancement in improving financial literacy and offering flexible payment solutions. By leveraging advanced technologies like VRP, this alliance aims to create a more inclusive and customer-focused financial environment. Through this initiative, Custom Credit and Ordo are setting a new benchmark in the financial industry, ensuring that all customers have access to personalized financial services that meet their unique needs.