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Paylink continues to be the winning solution in 2022!

It’s been a huge year of growth for Paylink Solutions in 2022 and to highlight our progress, our CEO, Susan Rann, has reflected on some of our memorable moments over the past 12 months…

Paylink’s growth

Our multi-award-winning digital affordability solution, known across the industry as Embark, has evolved to become the most widely used affordability solution within collections.

Our solution is now supporting more than 25 banking and utility clients to help thousands of their customers in financial difficulty every day – and we’re looking forward to continuing growth in 2023, as we build on our existing partnerships and enter new sectors. 

New website launched

In September we launched our new website featuring our ‘Build my Embark’ journey at the heart of the design. The journey allows you to book a free demo – based specifically on what an organisation requires from the affordability software.

We also launched ‘Embark For You’, which details how Embark works specifically within different sectors such as collections and utilities. 

Another landmark also saw the launch of a newer version of Embark and we’ve reached the following milestones;

  • Helped more than 300,000 consumers provide their affordability using Paylink digital 
  • Through Embark, more than 6,000 customers access free debt advice every month
  • More than 100,000 digital I&E’s have been completed using Embark’s integrated open banking
  • Roughly 75% of customers are now self-serving their affordability

Product developments and partnerships

Virgin Money took new strides towards digital transformation by using our Embark platform to align its affordability systems this year, as it provided new ways for customers to engage and access tailored outcomes.

Earlier this year we also delivered a new affordability tool to Coventry Building Society to help their mortgage customers facing financial difficulties, which also provided an improved digitally focussed customer support process. 

This month, we announced our partnership with Thames Water, the UK’s largest water and wastewater company. By using our Embark application, Thames Water customers will be able to provide a breakdown of their circumstances so Thames Water can set up a sustainable payment plan based on their affordability.

Awards success

We’ve had plenty of success this year, which is a reflection of all the hard work our team has put in – so congratulations to everybody as we couldn’t have done it without you!

We were recently named Best Customer Contact Technology Provider at the Collections and Customer Service Awards. This award importantly highlighted how effectively Embark has been in supporting agents with their income and expenditure conversations. And this wasn’t just a win for us, but for our clients and their customers. Along with our partners Virgin Money, we were also highly commended for the Best Technology Provider award, recognising how we had worked together to deliver a more efficient and accurate way of assisting customers in financial difficulty.

Added to this, together with our pay-by-bank provider partners Ecospend, we were named Open Banking category winners at the Credit & Collections Technology Awards. This partnership has provided support for customers who are in financial difficulty and helped them find debt solutions to make affordable repayments through a seamless bank-to-bank payment transfer.

I was also delighted to be featured on this year’s Credit 500 by Credit Strategy and most recently it’s been announced that we’ve made the Top 20 Power List published by Credit Connect which highlights the most innovative credit and collections technology companies.

Charity initiatives  

Charity work has been a key focus for us too this year and the team has been busy raising money for two charities – Computer Aid and Mind. Computer Aid provides access and education to technology to create better learning environments across more than 100 countries, whilst Mind offers advice and support to empower anyone experiencing a mental health problem. We’re very passionate about supporting these two causes.

Fundraising activities have included a charity bikeathon and a successful Christmas market. I also ran a half-marathon to try and generate some more funds for these two fantastic causes – and would like to take this opportunity to thank each and every one of you who kindly donated to our various fundraisers. 

Joe Clarke, Head of Operations, has been behind a lot of our fundraising efforts. Joe said: “We’re extremely proud to have raised as much money as possible for two vital charities throughout 2022. Mental health is something which is really important at Paylink. As well as raising vital funds for Mind, we wanted to increase awareness around mental health in our workplace.

“As we’re a fintech company, we wanted to also raise funds for a tech-based charity too. Computer Aid has helped over 14.5 million people worldwide and we share their messaging, as we also believe technology has become a necessity for education, creating better learning environments for all.”

Looking ahead

With the cost of living and rising energy prices continuing to impact new demographics, our integration with InBest and its Benefits Calculator reduces the information customers have to provide and helps them access unclaimed benefits, social tariffs and local authority grants they didn’t realise were available to them all while providing their affordability. 

We already have a busy schedule of activity underway to support the first quarter of 2023 through;

  1. Working with our clients on a number of new initiatives to support their pro-active arrears prevention work. 
  2. Helping our utility provider clients automate the identification of customers who should be on the priority services register. 
  3. Helping clients automate payment arrangement outcomes, social tariffs and energy grant outcomes through the use of the data captured within Embark.

Our focus on ensuring support is available and accessible to everyone will remain strong heading into the new year. Regulators has stressed how important improving the financial wellbeing of people, particularly those who are vulnerable, is and we’ll continue to support the improved delivery of financial support across the UK.

For more information on Paylink Solutions or to book a demo for your organisation, click here.