Surrey-based fintech company Qualco UK has gone live with two new open banking solutions.
Through its partnerships with Thomas Global and Ecospend, Qualco has developed account-to-account payment options for its client Simon Jersey Limited. The second available banking solution removes the need for manual financial assessments through the use of Experian’s Affordability Passport.
Qualco’s account-to-account payment options for Simon Jersey Limited were introduced under a white label model and enables users to access a payment method.
According to the fintech firm, its approach removes the need to provide card details or reference numbers. Instead, customers can access the payment method by scanning a QR code supplied through letters, emails and SMS. This code allows them to perform open banking payments through mobile banking apps or online banking.
The other open banking solution uses Affordability Passport technology to gain information about customers’ financial solutions.
The open banking technology analyses customers’ bank account activity, performing financial assessments subject to the customer’s consent.
Charlie Wong, Head of Information Technology at Qualco UK, notes: “We are constantly looking to harness new technology in an effort to deliver a wider range of services to our clients, and a better experience for their customers.”
These new open-banking solutions were made possible for Qualco after receiving authorisation from the UK’s financial services regulator in February. The Financial Conduct Authority authorised the continued provision of added products and services for Qualco’s clients.
The announcement of these open-banking services demonstrates a logical progression for Qualco as a technology company. The firm serves a variety of clients in the UK, including Metro Bank and the Crown Commercial Service.
In other news, the popularity of open banking in the UK has increased in style with the stats in February revealing there were more than five million active users.
The figures are based on data provided during January 2022 by the CMA9, the nine banks and building societies mandated under the CMA Order to implement open banking in the UK.
