Flexys, a leading UK-based supplier of collections management technology, has teamed up with Moneyhub, a pioneer in Open Banking, Open Finance, and Open Data solutions.
This strategic partnership is poised to bring transformative changes to the collections industry by integrating Open Banking capabilities into Flexys’s advanced cloud-based software.
Flexys has carved a niche in the market with its innovative software, which leverages real-time data and automation to augment the efficiency of collections professionals. This not only accelerates collection times but also boosts success rates significantly. The collaboration with Moneyhub will further elevate Flexys’s offerings, incorporating state-of-the-art Open Banking technology that promises to deliver unparalleled insights and streamline processes for both collections staff and their clients.
James Hill, CEO at Flexys, expressed his enthusiasm about the partnership, stating, “We’re delighted to be joining forces with Moneyhub and are excited about the possibilities. Open banking technology will revolutionise collections, helping our clients to provide an improved experience for their customers.”
The integration of Moneyhub’s innovative Open Banking solutions into the Flexys platform is anticipated to yield several substantial benefits. These include enhanced financial visibility, which aids in more informed decision-making; streamlined payment processes that reduce friction; improved customer engagement through automated, personalised payment plans; and increased efficiency coupled with reduced operational costs for collections teams.
Open Banking technology significantly improves financial assessments by providing instant access to accurate data. This enables precise Income and Expenditure (I&E) evaluations, allowing customers to be offered the most suitable forbearance options much quicker than usual.
This targeted approach not only increases the likelihood of successful repayments but also minimizes the risk of defaults. By tailoring solutions to each customer’s financial situation, this system fosters better outcomes for both individuals and lenders.
Suzanne Homewood, Managing Director at Moneyhub, highlighted the advantages of this partnership, remarking, “Open Banking offers the collections industry an exciting opportunity to reduce their OPEX costs, and the time and stress that customers face when things change, and they find themselves in a forbearance journey. Partnering with Flexys enables us to supercharge the collections process, in the way we have done with originations. We are extremely excited to see how this partnership can spearhead change.”
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