Frustrated by the limitations of the traditional banking system, Direct Lender Moneyboat has leveraged some infrastructural fintech payments magic to deliver faster onboarding, automated, real-time loan disbursements and a superior customer experience, all powered by Modulr.
Operational challenges overcome with fintech innovation
Founded in 2014 with a vision to make its mark as a Direct Lender synonymous with values of transparency, affordability and quality of service, Moneyboat has become one of the UK’s leading players in the consumer lending market.
As a Direct Lender authorised and regulated by the FCA, its overwhelming commitment to its customers is to lend responsibly, with due consideration given to issues of welfare and affordability, at every stage of the process.
From its inception, Moneyboat has sought to deliver an efficient and convenient lending experience with its streamlined, customer-centric proposition. But, without direct integration into the Bank of England, its ambition of approving applications and disbursing loans quickly was proving challenging. Something which was further compounded by a manual payments process which was slow and inefficient.
“We wanted to be able to fund loans every 15 minutes and without the need for human intervention at every touchpoint. But, without direct integration into the Bank of England, making and sending payments was a very manual process which only senior members of staff could carry out,” said Moneyboat Managing Director, Yonah Pruss.
Moneyboat knew it needed a faster, more responsive solution that went beyond the limitations of traditional transactional banking system.
How Moneyboat uses Modulr
In Modulr, Moneyboat has found an infrastructural payments partner to help it realise its ambitions.
Modulr’s API-first access to the UK payments schemes and direct integration into the Bank of England adds a new dimension to Moneyboat’s existing lending proposition. While the traditional banking system may have made its goal of 15-minute funding seem ambitious, Modulr’s direct participation in the Faster Payments Service ensures that it is easily achievable. Loans can now be disbursed and payments made 24 hours a day, 365 days a year. With 99% of payments fulfilled within 90 seconds.
With no more payment delays, clients can be helped more efficiently and loans disbursed faster. Manual error-prone and time-consuming payments processes have been replaced with real-time and responsive, digital ones. Automated payment flows further maximise efficiency while reducing the margin for manual error in the disbursement process which could cause further delay and negatively impact borrower experience.