NatWest uses Paylink Solutions technology to help customers in financial hardship tackle their finances

NatWest has launched a new service, which has been built in partnership with Paylink Solutions, to help reduce the stress and simplify the process that customers who are in financial hardship face when they try to put their finances back in order.

The new online tool will help to significantly cut the time spent populating an income and expenditure form by automating the process through open banking. Previously, customers were required to complete a lengthy, complex document and manually input hundreds of pieces of information.  Automating the process cuts the time it takes from well over 25 minutes to around 5 minutes, whilst also improving accuracy.

Once the online form is complete, customers can verify any information that has been manually input into the system, which can automatically detect and highlight  any unusual spending patterns, for example a mis-keyed phone bill or a misplaced decimal place. NatWest customers are then given the option to speak to a specialist team member over the phone to work out appropriate next steps, such as a repayment plan or referrals to debt and counselling charities. NatWest hopes the new system will encourage more customers to take control of their debt as previously customers reported they were daunted by the long and complex process.

Dave Lowe, Chief Administrative Officer for Personal Banking at NatWest, said: “For any customer in financial hardship, gaining a full understanding of their debts is the first step that needs to be taken to ensure they get the help they need. We’re using open banking technology to take the time, effort and stress out of helping customers take this vital first step so that we can focus on finding a long term solution for their financial problems.”

Susan Rann, CEO of Paylink Solutions, said: “We’re delighted the new online tool is now being used by NatWest customers and are really proud of being able to help those who often feel too ashamed or embarrassed to seek debt advice. We developed NatWest’s solution so customers can access advice 24/7 in a quick and convenient way. This is the start of a great new partnership which will benefit NatWest and its customers through the use of new technology.”

Senior BDM hired to continue expansion into lending and debt sectors

We’re pleased to announce our latest senior management appointment which will nurture new customer relationships as we continue to push into the lending and debt management sectors.

Paul Nicholson has joined us as Senior Solutions Consultant and is now developing a sales strategy, which will deliver our ambitious plans for growth.

Paul said: “Fintech is increasingly being embraced by the UK, particularly in terms of collecting customer data more quickly, conveniently and securely. Now is a great time to use this opportunity and put Paylink Solutions’ firmly on the technology provider map.”

He joins us after being instrumental in launching AccountScore as one of the first providers of Open Banking. Prior to that, Paul worked within the credit and non-mainstream lending markets as Business Development Manager at TransUnion.

Paul continued: “I’m really excited to join Paylink Solutions and looking forward to building relationships across the collections and lending industries, whilst developing the brand as a leading technology company.”

Susan Rann, CEO of Paylink Solutions said: “Paul’s extensive knowledge of the UK’s technology sector, combined with impressive business development skills means he is going to play a fundamental role in evolving Paylink Solutions. We’re delighted to welcome him to our team.”

Paylink Solutions working with the North East’s largest building society to help customers in financial difficulty

We’re delighted to be working with the North East’s largest building society to help transform the way it helps customers in financial difficulty by providing a digital debt help service.

Newcastle Building Society’s new online facility, which has been developed by us, will be available to customers of the Society who are facing financial difficulty, or those who may need extra support in understanding their financial position before making arrangements to change mortgage payments. It is the first building society in the UK to introduce such a service.

Michael Conville, head of mortgage operations at Newcastle Building Society, said: “Offering this digital service, which can quickly provide an accurate overview of income and expenditure utilising Open Banking, reduces the onus on the customer to provide this information. With the facts at our fingertips we can spend more time discussing how we can support customers.”

The Society’s new digital tool will provide an accurate and quick alternative to lengthy conversations about a customer’s financial status.

Less time will also be spent by advisers collating information, which will increase the time they can spend outlining options and providing support; and where appropriate customers may be offered personalised debt advice.

Susan Rann, CEO of Paylink solutions, said: “This is the first digital debt advice journey we’ve developed for a building society, which has been designed to make the income and expenditure and debt referral processes as quick, accurate, convenient and secure as possible for customers.

“Integrating Paylink Solutions’ software allows customers to access debt advice instantly and means Newcastle Building Society can provide support to even more people who are facing financial challenges.”

Global operations expert appointed as our COO

We’re delighted to welcome a global operations expert to our senior management team as part of plans to increase market share across the UK’s finance and property sectors.

Navdeep Sethi has joined us as COO after his success at developing and growing one of the UK’s best FinTech companies.

He is now focusing on delivering our strategic plan, which will support our growth and presence across the property, lending, collections and debt management industries.

Navdeep said: “Paylink Solutions already has an impressive track record of delivering technology, which has transformed the way its clients gather data and provide digital solutions for people who require debt help, apply for a loan or mortgage.

“It’s a really exciting time to join Paylink Solutions and I’m looking forward to growing the company and delivering solutions to other financial service providers across the UK.”

Susan Rann, CEO of Paylink Solutions, said: “Navdeep’s vast experience in running technology-focused finance, collections and accounting operations on a global scale means he was the ideal candidate to drive our ambitious plans to launch our technology across the financial services sector. He’s a fantastic addition to the company and I’m delighted to welcome him to our team.”

Payment services now an approved Paylink solution

Paylink Solutions’ year is going from strength-to-strength after being approved by the FCA to add payment initiation services (PISP) to its existing Permissions as an Authorised Payment Institution under PSD2.

Paylink is now authorised to provide a payment initiation service, which will use Open Banking technology to enable individuals to pay companies directly from their bank accounts rather than using debit or credit cards.

Susan Rann, CEO of Paylink Solutions, said: “This is a fantastic achievement and means Paylink can offer a payment initiation software solution for its customers to improve their digital customer payment journey and reduce transaction processing costs. This provides a whole host of new business development opportunities.”

As providing payment initiation services is one of the new permissions supplied as a result of the Open Banking initiative, Paylink had to go through rigorous FCA checks to make sure the relevant procedures and policies are in place to make sure customers are provided with a reliable and secure payment journey.

Susan continued: “I’m so pleased we’ve been approved by the FCA to provide payment services. It opens so many doors for us in terms of being able to provide additional software solutions for new and existing clients and means we can work towards achieving our ambitious plans for growth.”

Paylink Solutions’ CEO scoops national innovation award

Our CEO, Susan Rann, is celebrating after winning the Innovator of the Year – Non Credit category at this year’s Women in Credit Awards.

She was recognised for demonstrating achievements that have brought something new for the financial services sector and beyond.

Since becoming CEO of Paylink Solutions in 2018, Susan has focused on developing market-leading software solutions for the financial services sector. With a thirst for innovation and new technology, Paylink Solutions is leading the innovation of new affordability tools for the sector.

Susan commented: “The Women in Credit Awards is a great opportunity to take note of the fantastic determination and range of projects that are being showcased right across our sector. It’s fantastic to see that the achievements at Paylink are at the forefront of industry innovations.”

Our sister company PayPlan, one of the UK’s largest free debt help provider was also successful at the prestigious ceremony. CEO Rachel Duffey took home the Transformation of the Year and Business Leader of the year awards.

Credit Strategy launched the Women in Credit Awards in 2018 to empower, connect, support and uncover achievements among women in the profession. The ceremony was held in London on Thursday, 21 March.

Find out more about how Paylink Solutions can benefit your business here.