Digital bank and peer to peer lender, Zopa, has joined forces with Paylink Solutions and implemented its cloud based digital income and expenditure product, Embark.
Embark enables companies to easily support customers who find themselves in financial difficulties. It works by capturing information on a consumer’s total financial position; this is done either manually with the customer, or by accessing current account information using Open Banking. Embark also offers Credit Reference Agency integration which means that financial services organisations are then provided with visibility of a customer’s total debt position.
Zopa uses the Embark technology to help it to understand affordability for loan customers who have experienced a change in circumstances and therefore require a payment plan. The tool assists the lender in creating an accurate and appropriate repayment plan for its borrowers that require one.
Zopa loan customers who require additional assistance can access Embark via a self-serve portal or be taken through the online form with the assistance of a customer services agent. By teaming up with Paylink Solutions, Zopa is able to deliver customised payment plans in a faster, more accurate way.
Additionally, the Embark tool allows users to access debt advice with PayPlan, one of the largest free debt advice companies in the UK. This integration allows customers to self-refer themselves to PayPlan or for an agent to do so at the click of a button through a built-in API. This allows the customer to be digitally referred over for debt advice and avoid having to repeat the entire income and expenditure gathering exercise during the debt advice process.
Clare Gambardella, Chief Customer Officer at Zopa, commented: “Going above and beyond to support our customers has always been key for Zopa, but being able to help them as quickly as possible has been extremely important in dealing with the impact of the Coronavirus. Teaming up with Paylink Solutions to deploy the Embark tool at this time has enabled us to provide an even better experience for our customers.”
Sue Rann, CEO of Paylink Solutions, commented: “We are thrilled to see our Embark offering is supporting Zopa and its customers with fast-paced and class-leading digital support.
“We’d like to thank the team at Zopa for engaging with Paylink so effortlessly and highlighting what it can do in the peer-to-peer space. They took a leap of faith in their sector and all the hard work going into offering secure debt advice has paid off.”
Andrew Alder, Head of Partnerships at PayPlan, commented: “We are delighted to have supported Paylink and Zopa integrate Embark referrals into our services.
“From day one, we have seen Zopa’s customers referring themselves to PayPlan; this is in an age where customers want to self-serve more. It’s becoming more important for organisations, solution providers and debt advice providers to work closely to create innovative ways for customers to still be able to access advice in a frictionless way.”