Flexys, a leading UK-based provider of collections management technology, has announced a strategic partnership with Moneyhub, a pioneer in Open Banking, Open Finance, and Open Data solutions. This collaboration is set to revolutionize the collections industry by integrating advanced Open Banking capabilities into Flexys’s cutting-edge cloud-based software.
Flexys has established itself as an industry leader through its innovative software that leverages real-time data and automation to enhance the efficiency of collections professionals. This approach not only accelerates the collection process but also significantly improves success rates. The partnership with Moneyhub aims to further elevate Flexys’s offerings by incorporating state-of-the-art Open Banking technology, which promises to provide unmatched insights and streamline operations for both collections teams and their clients.
James Hill, CEO of Flexys, expressed his excitement about the partnership, stating, “We’re delighted to be joining forces with Moneyhub and are excited about the possibilities. Open Banking technology will revolutionize collections, helping our clients provide an improved experience for their customers.”
The integration of Moneyhub’s innovative Open Banking solutions into the Flexys platform is expected to deliver several key benefits, including enhanced financial visibility, which supports more informed decision-making. The partnership will also streamline payment processes, reduce friction, and improve customer engagement through automated, personalized payment plans. Additionally, the collaboration is poised to increase operational efficiency and reduce costs for collections teams.
Open Banking technology is particularly advantageous in financial assessments, providing instant access to accurate data for precise Income and Expenditure (I&E) evaluations. This allows customers to be offered the most appropriate forbearance options more quickly, increasing the likelihood of successful repayments and minimizing the risk of defaults. By tailoring solutions to each customer’s financial situation, the system fosters better outcomes for both individuals and lenders.
Suzanne Homewood, Managing Director at Moneyhub, highlighted the transformative potential of the partnership, stating, “Open Banking offers the collections industry an exciting opportunity to reduce their OPEX costs and alleviate the stress customers face during forbearance journeys. Partnering with Flexys enables us to supercharge the collections process, just as we have done with originations. We are extremely excited to see how this partnership can spearhead change.”
This strategic alliance between Flexys and Moneyhub marks a significant advancement in the collections industry, promising to deliver enhanced efficiency, improved customer experiences, and better financial outcomes through the integration of Open Banking technology.
