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Provident taps Tuxedo to distribute loans

03 April 2014  |  1247 views  |  0 Source: Tuxedo Money Solutions

A first for this market leader, Provident will move from cash payments into the prepaid arena with Tuxedo's eccount management solution

Tuxedo, a leading payment technology and prepaid card provider, has designed a bespoke loan application platform, providing instant decisions and a card payment solution for Provident Personal Credit, modernising the way the cash loan provider distributes credit.

A successful pilot scheme in the West Country and Wales enabled Provident to offer a more flexible alternative to its traditional cash loans and make an entrance into the electronic payment arena.

With clear demand for prepaid processes, the system is to be rolled out on a national scale this year, making Provident the first in the home collections industry to offer its customers an online based payment solution.

Cash loans are traditionally distributed to the customer and payments collected via a local agent. Provident customers nationwide will soon have the option to receive a prepaid card, fully loaded with the agreed loan amount; giving improved efficiency and convenience for agents.

The prepaid card solution enables Provident to make loan decisions in real time and upload funds onto cards instantly. As well as meaning customers get access to funds more quickly, its introduction also provides the customer with more choice, flexibility and convenience than a cash loan; facilitating online purchases and payments.

Furthermore, the customer can manage their card online via a web portal using Tuxedo's eccount® Platform. The eccount® features a secure log in system, shows statements and payments, helping the customer manage their loan funds more efficiently. This visible trail of spend will also provide Provident with invaluable customer insight.

Tim Anson, Commercial Director Provident Personal Credit comments: "We have been serving the home credit market for 130 years and continue to lead the sector. A forward thinking, responsible approach has been key to our success - we continuously strive to improve the service we offer and recently identified a a requirement for more sophisticated payment technology.

"We brought Tuxedo in, as experts in the prepaid technology field, and a solution was tailored around our specific requirements. The success that we saw during the test period was encouraging and confirmed that this is something our customers will welcome and benefit from. We are delighted to be the first in the industry to take payments in this direction."

John Sharman, CEO of Tuxedo comments: "This has been a really exciting project to work on - from the initial design stages, right through to implementing the programme to Provident's customer base. The results of the test stage are extremely promising and demonstrate just how much a bespoke prepaid payment solution can benefit a business." 

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