Paylink, a leader in the financial technology sector, is proud to announce its groundbreaking product, ‘ReFi™’ – a unique, safe and secure automated debt consolidation solution which, since its inception has saved Salary Finance customers over £10 million in interest payments.
ReFi™, piloted by leading financial wellness platform, Salary Finance, is the first True Debt Consolidation product that addresses affordability challenges in the lending industry by seamlessly automating the settling of legacy debt with a customer’s new loan.
Embedded in either a lender or intermediaries’ journey, the digital experience validates the card, loan and overdraft products a customer currently holds, confirms settlement balances, pays legacy creditors directly and, if instructed to do so, evidences when accounts are closed.
By using ReFi™, lenders can accept customers who have passed creditworthiness, income sufficiency and stability checks, who would otherwise have been declined for falling short on affordability calculations. By gaining certainty that a new loan will be used to pay off legacy debts, lenders can be assured that the customer’s new budget is affordable for them. As well as heightening the probability of positive outcomes, lenders can offer customers price incentives, reducing the likelihood of fraudulent activity, and build brand advocacy from new customers who they help to realise the opportunities access to affordable credit brings.
For the customer, ReFi™ enables customers to access products which empower them to pursue their financial objectives. Unlike the traditional route to loans, ReFi™ surfaces offers that the customer would otherwise not see due to their extant debts. By securing a True Debt Consolidation loan through ReFi™, customers are able to save money in interest, consolidate multiple bills into a single monthly repayment on a date which best suits them, and relieve financial pressure on their household by receiving the money into their account within a matter of days.
In coining the term ReFi™, Paylink’s goal is to destigmatise debt and instead encourage customers to embrace their true expenses by actively exploring opportunities to secure a budget that works for them, by refinancing. The aim is to replicate positive consumer trends, messaging, and mindsets from the US where budgeting and product switching are more engrained in consumer psyche.
CEO of Paylink Solutions, Jake Ranson said: “Access to credit matters greatly. It allows consumers up and down the UK to smooth costs and incomes, realise opportunities, and pursue their financial objectives. It is especially valuable during tough times when too many UK borrowers, who genuinely want to refinance their debts, are unable to access affordable new loans. ReFi™ now allows lenders to acquire these customers in the secure knowledge that their loan will be used for the sole purpose of debt consolidation, which is something that has not been done before in the UK.”
“One of our main goals is to destigmatise debt and encourage the use of ‘Refinancing’ as a positive way of managing personal finances. ReFi™ allows lenders to create a more financially secure future for themselves and their customers.”
Luke Enock, CEO of Salary Finance, added: “Our mission is to help millions of employees live financially happier and healthier lives. As such, I am very proud to have pioneered bringing True Debt Consolidation to the UK market in partnership with Paylink and helping to save employees millions in interest payments. With our market leading position in financial wellbeing in the UK, I believe there is a significant opportunity to grow this service and save employees millions more, and I am delighted to be working with Paylink on designing the next generation solution, ReFi™.”
ReFi™ leverages Paylink’s trusted payments engine, extensive industry knowledge, proprietary technology, banking system, well-trained customer support teams, and regulatory permissions to launch one of the industry’s most revolutionary products of 2023.
For further information, please contact Becky Muldoon or Rebecca Morris at Jennie Holland PR.
About Paylink Solutions
Paylink Solutions is a leading provider of financial technology solutions, dedicated to empowering customers to achieve their financial goals. With a strong focus on affordability and innovative products, Paylink Solutions has a proven track record of supporting lenders and intermediaries in the ever-evolving financial landscape.
About Salary Finance
Salary Finance is a leading financial wellness platform that partners with employers to provide affordable loans, savings, and financial education to employees. Salary Finance is committed to improving the financial well-being of working people, helping them navigate life’s financial challenges with confidence.