EML Nuapay product suite, the newest finance solution developed by EML Payments and Frollo, combines the innovations in open banking, personal finance management, and payments in a customisable solution to streamline and personalise the user journey for fast growth neolenders and neobanks.

EML Payments and Frollo say the product “removes friction from the lending journey and enables instant decisions and instant access to monies.”

Both companies interpret open banking as “protest against conventional banking, and puts consumers in control and recreating a more wholesome relationship with financial institutions.”

EML Nuapay bills itself “as a payment revolution with Frollo” and offers clients the ability to choose among a no-code, low code, and fully customisable API solution.

Gareth Gumbley, Frollo Founder and CEO, believes that open banking will be a “game-changer for consumers worldwide and will help them improve their finances.”

“By integrating market-leading open banking payments, and personal finance management features into a fully customisable solution, Nuapay can take customer experience to the next level”, Gumbley says.

Sarah Bowles, Group Chief Product Officer, EML, declared: ''The EML team is excited to partner with Open Banking leader, Frollo, in the payment revolution shaking up the financial industry. We're on a joint mission to remove friction, help consumers feel better about money and help FinTechs driving this revolution to scale quickly and globally.”

She claims: “There’s no better partner than Frollo; its technology, know-how, and talent for delivering a superior experience for consumers are what we're most excited about.''

Key Features
· Instant cash: Using open banking data and EML's virtual prepaid cards, the process to approve and disburse a loan is reduced from days to just minutes, eliminating costly and highly manual human-led checks with traditional providers.
· Money management: A market-leading banking app, including personal finance management features.
· Emergency buffer: The ability to quickly go back and turn a transaction into an instalment loan.
· Spend controls: Using AI transaction categorisation to control spend in real-time and place budget caps for specific money buckets.