A lender which recently expanded into prime lending has revealed its next strategic move, announcing a partnership with a fintech that will enable the non-bank to deliver an improved loan experience to its customers.
Through the new arrangement, Jacaranda Finance will employ end-to-end payments provider Monoova’s technology to streamline its operations and support faster payments processing times.
This move away from manual payments processing is “crucial for businesses required to operate 24/7”, according to the non-bank’s CEO Daniel Wessels.
“We pride ourselves on helping customers navigate stressful financial situations by providing fast access to finance. For many of our customers who can’t be serviced by traditional lenders and funding models, we provide a critical service,” Wessels said.
“Integrating with Monoova’s Automated Payment Service (APS) has been game changing for our business and an integral component in allowing us to deliver market leading turnaround times and instant payments to customers.”
Most approved applicants of Jacaranda Finance’s unsecured and secured personal loans are now able to access the funds in their bank account within 60 seconds of accepting their digital contract.
As Monoova CEO Christian Westerlind Wigstrom sees it, the future of funding will be “real time”.
“Over the course of 2021, real-time transactions will transition from being a luxury to being assumed,” he said.
“We are proud to be eliminating waiting periods and supporting companies like Jacaranda putting money to use where and when it is needed.”
Wigstrom added that he is inspired by Jacaranda Finance’s “mission of financial inclusion”.
“[We] are delighted to bring this to life through our services. By enabling fast access to funds, we are supporting Australians who need it most… ensur[ing] our partners can spend more time on supporting customers’ needs and less time on payments administration,” he said.
