" class="no-js "lang="en-US"> Qualco goes live with open banking solutions
Friday, June 14, 2024

Qualco goes live with open banking solutions

Qualco UK today went live with two new solutions, featuring open banking technology delivered by a number of key partners.

Working with Ecospend and Themis Global, Qualco UK introduced account-to-account payment options, under a white label model, for new client, Simon Jersey Limited. The innovative approach includes letters, emails and SMS being sent to customers, containing a unique QR code, which when scanned, opens up a simple and secure payment journey.

Customers with mobile banking apps or online banking are able to safely and securely perform an Open Banking payment by selecting the bank account of their preference, use their normal login protocols and authorise payment, without the need to input card details or reference numbers.

Options include the ability to pay the full balance immediately, or to make regular repayments, much like a traditional standing order.

The second feature makes use of Experian’s Affordability Passport, which uses Open Banking technology to understand the customer’s financial situation by intelligently analysing the activity of their chosen bank account(s).

The Affordability Passport removes the need for manual financial assessments, subject to the customer providing consent, saving time and effort for both the customer and client alike.

Commenting on the new solutions, Charlie Wong, Head of Information Technology at Qualco UK said: “We are constantly looking to harness new technology in an effort to deliver a wider range of services to our clients, and a better experience for their customers. We are delighted to be working with great partners, such as Ecospend, Themis Global and Experian, to achieve this goal.”

James Hickman, CCO, Ecospend, said: “We’re pleased to announce our partnership with Qualco in order to help them on the next step in their digital payments journey. Our Open Banking payment solution will provide a more convenient payment method that saves customers time, while also offering a lower cost option to traditional card payments. The payment method is also much more secure, so customers can have peace of mind when making their payments.”

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