EML Payments 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 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.
