Flexys enters open banking partnership with Moneyhub

By Gloria Methri

Flexys, a UK-based supplier of collections management technology, has partnered with Moneyhub, a data and payments FinTech specialising in Open Banking, Open Finance, and Open Data solutions. This collaboration aims to transform the collections industry by integrating Open Banking capabilities into Flexys’s cloud-based software.

Flexys’ software uses real-time data and automation to help collections professionals work more efficiently. By partnering with Moneyhub, Flexys will enhance its offering with Open Banking technology, providing unprecedented insights and streamlined processes for both collections professionals and their customers.

James Hill, CEO at Flexys, said, “We are delighted to be joining forces with Moneyhub and are excited about the possibilities. Open banking technology will revolutionise collections, helping our clients provide an improved customer experience.”

The integration of Moneyhub’s Open Banking solutions into the Flexys platform is expected to deliver several key benefits:

• Enhanced financial visibility for more informed decision-making
• Streamlined payment processes, reducing friction
• Improved customer engagement through automated, personalised payment plans
• Increased efficiency and reduced operational costs for collections teams

Open Banking technology enhances financial assessments by providing instant access to accurate data. This real-time information allows for precise Income and Expenditure (I&E) evaluations. As a result, customers can be offered the most suitable forbearance options tailored to their current situation in half the time. This targeted approach not only increases the chances of successful repayments but also reduces the risk of defaults. By matching solutions to each customer’s financial reality, the system promotes better outcomes for both individuals and lenders.

Suzanne Homewood, Managing Director at Moneyhub, said, “Open Banking offers the collections industry an exciting opportunity to reduce their OPEX costs, and the time and stress that customers face when things change, and they find themselves in a forbearance journey. Partnering with Flexys enables us to supercharge the collections process, in the way we have done with originations.  We are extremely excited to see how this partnership can spearhead change.”