EML Partners with Frollo for Open Banking Payments Platform

EML Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term Limited, a technology firm based in Australia, announced that the company has partnered with Frollo, a Sydney-based fintech firm, to launch the EML Nuapay product suite.

According to the official announcement, EML Nuapay enables clients to choose between a no-code, low code and fully customizable API. EML and Frollo have formed a partnership to give financial technology companies and lenders early access to Australia’s first-ever open banking payments platform.

The EML Nuapay product suite combines innovative technologies in open banking, payments and personal finance management in a customizable solution.

Commenting on the latest announcement, Gareth Gumbley, Founder & CEO at Frollo, said: “We believe Open Banking will be a game-changer for consumers worldwide, helping them improve their finances. We’re excited to have found a partner in EML that recognizes this opportunity and can help us make this a reality. By integrating market-leading Open Banking, payments and Personal Finance Management features into a fully customizable solution, Nuapay can offer lenders and FinTechs a simple way to take their customer experience to the next level.”

According to the press release, EML Nuapay has several features including instant cash, money management, emergency buffer and spend controls.

Open Banking

The concept of open banking has gained immense popularity in recent years. TrueLayer, a Fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term firm based in the UK, recently raised nearly $70 million to accelerate the roll-out of the company’s flagship open banking network. During the latest announcement, EML mentioned that the company is planning to remove friction from the lending journey to facilitate consumers.

“The EML team is excited to partner with Open Banking leader, Frollo, in the payment revolution shaking up the financial industry. We're on a joint mission to remove friction, help consumers feel better about money and help the FinTechs driving this revolution to scale quickly and globally. There’s no better partner than Frollo, its technology, know-how and talent for delivering a superior experience for consumers are what we're most excited about,” Sarah Bowles, Group Chief Product Officer at EML, mentioned in the official announcement.