EML & Frollo Unveil The Future Of Money Giving Lenders & FinTechs Early

EML & Frollo Unveil The Future Of Money Giving Lenders & FinTechs Early Access To Australia’s First-ever Open Banking Payments Platform

Payments and Open Banking pioneers EML and Frollo have combined forces to help lenders and FinTechs access the latest in banking technology and bridge the consumer trust gap with Australia’s most innovative white-label digital wallet product - Nuapay.

EML Payments Limited (ASX: EML)

(S&P/ASX 200) and Frollo have made financial history with the announcement of the EML Nuapay product suite, combining the newest innovations in Open Banking, personal finance management and payments in a customisable solution to streamline, enhance and personalise the entire user journey for fast growth neolenders and neobanks. Amongst the many use cases, the disruptive duo removes friction from the lending journey and enables instant decisions and instant access to monies. Open Banking can be interpreted as a protest against conventional banking, putting consumers in control and recreating a more wholesome relationship with financial institutions. EML Nuapay is a payment revolution with Frollo and gives clients the ability to choose between a no-code, low code and fully customisable API solution.

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 recognises 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 customisable solution, Nuapay can offer lenders and FinTechs a simple way to take their customer experience to the next level.’’

Sarah Bowles, Group Chief Product

Officer, at EML stated: ‘’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.’’ Key Features

Instant cash: Using Open Banking data and EML’s virtual prepaid cards, the process to approve and disburse a loan is reduced from days to just minutes, eliminating costly and highly manual human-led checks with traditional providers. Money management: A market-leading banking app, including personal finance management feature Emergency buffer: The ability to quickly go back and turn a transaction into an instalment loan Spend controls: Using AI transaction categorisation to control spend in real-time and place budget caps for specific money buckets.

About Frollo

Frollo is a purpose-driven FinTech on a quest to help people feel good about money. We use Open Banking data to deliver better consumer outcomes and improve financial wellbeing by helping people reduce debt, increase savings or quite simply get a better deal on their finances. Our SaaS platform brings together our AI engine, APIs, partner integrations and Open Banking-powered solutions for lending and Personal Finance Management. As the first to go live with Open Banking in July 2020, and being responsible for over 95% of Open Banking API calls to date, Frollo is also leading the way towards a more transparent financial sector for all Australians.

About EML Payments Limited

EML provides an innovative payment solutions platform, helping businesses all over the world create awesome customer experiences. Wherever money is in motion, our agile technology can power the payment process, so money can be moved quickly, conveniently and securely. We offer market-leading programme management and highly skilled payments expertise to create customisable feature-rich solutions for businesses, brands and their customers. Come and explore the many opportunities our platform has to offer by visiting us at: EMLPayments.com

European Business Magazine talks to Sunil Kumar

Tell us a bit about your background.

I am the CEO of the DataFlow Group, a leading global provider of primary source verification, background screening and immigration compliance solutions. Prior to joining the DataFlow Group, I have held a number of leadership positions with multinational companies, such as Deutsche Bank, Genpact and GE, working across multiple countries and gaining rich experience working with multicultural global teams. With almost three decades of experience across manufacturing, professional services and consulting, my expertise lies in finance, operations, people management and strategy. I am a certified management accountant, with a Master’s degree in Accounting and am qualified in Six Sigma management methodology.

And what is the DataFlow Group?

The DataFlow Group is a leading global provider of specialised Primary Source Verification (PSV) solutions, background screening and immigration compliance services. The ‘primary source’ element is the key here as this means that we go directly to the source that issued the document, such as a university, to verify its authenticity. Essentially, this means that we assist organisations in both the public and private sectors in cross-border risk management by exposing fraudulent education degrees, employment certificates, professional licenses, work permits, and passports.

To ensure that hired professionals have the credentials they claim, we utilise cutting-edge technologies and leverage an expansive network of more than 100,000 issuing authorities throughout more than 200 countries and territories. This global network puts us in an incredibly strong position to quickly and accurately verify the authenticity of documents submitted by candidates, in accordance with global industry best practices and Joint Commission International (JCI) guidelines. The DataFlow Group undertakes hundreds of thousands of immigration compliance screening and verification service transactions for professionals each year on behalf of various government, quasi government, regulatory and large multinational organisations worldwide.

So why is verification so important?

Currently, over 50% of submitted CVs and job applications contain false information. Couple this with the fact that there are also thousands of unaccredited universities and diploma mills, and 300 counterfeit diploma websites, ensuring that you’re hiring a genuine applicant becomes incredibly difficult. The highest trend for forgery has been found among allied health professionals and nurses – an industry in which it’s literally a question of life or death. Therefore, it is critical for those professionals to have the qualifications and skills they claim to have in their application validated. In order for organisations to protect themselves, their other employees and their customers and / or patients, verification is essential in the recruitment process. Additionally, with global professional migration on the rise, the verification industry will see a greater need for primary source verification in order to ensure credentials are valid. Global professional migration has been increasing for years and while Covid19 has slowed this trend over the past year, it’s something that we’ll see increasing again as the world reopens following vaccination programmes - particularly as the pandemic heightens staff shortages in the healthcare industry around the world. Ultimately, verification is about instilling trust. We have a vast array of information available to us today, but how much can we really trust that information? Both professionally and personally, we come across streams of information, but how much of this has been verified? When hiring someone, we tend to look to their LinkedIn profiles for insights about their background, but they have complete control over that information and can write whatever they like without having to provide any proof of these professional statements. The verification of information, such as a candidate’s credentials builds trust – a key component to any successful professional relationship. Building this trust will only become more important over the coming years as more information is available to us and global professional migration increases.

What does the future hold for verification?

There’s huge potential for verification to further streamline the recruitment process across the globe. For example, currently, each time someone moves jobs in their careers, the hiring organisation has to verify their credentials with every move, costing them time and money. If industries become aligned and data sharing becomes more integrated, someone can be verified once in their career and use one verified document forever. In the long run, this will save organisations huge amounts of money and will also speed up their recruitment processes dramatically. This is where I’d like to see the industry go, and powered by the right technologies, this could very well become a reality. For example, we have created TrueProfile.io which reduces the constant churn of verification requests by storing them on blockchain. The very nature of blockchain makes our verifications immutable and means they can be used for the lifetime of that individual’s career. If we didn’t future-proof our business model, this vision would ultimately mean that we would be putting ourselves out of business. But, I think this is an important outlook to have in order to continue innovating and moving forward. You have to be a disruptor of your own business to succeed and leaders must think of how they can put themselves out of business through disruptive measures to continue to evolve.