Blue Motor Finance has partnered with digital payment provider Banked, offering customers a new way to pay directly using their online banking app.
The functionality has been integrated with existing payment capabilities, with customers receiving a Request to Pay link to their email or phone, linking them to the payment function on the banking app.
There is no form for customers to complete; customers select their bank to access their online banking portal and authorise the payment. Funds are transferred instantly from the customer’s bank account to Blue.
Initially piloted to improve the speed and efficiency of collecting missed payments and payment arrears, Blue is looking to introduce the technology to other areas of the business with settlement payments as a next step.
Since its introduction, Blue has seen more than double the number of customers making payments using a payment link in comparison to traditional methods such as calling customer services.
Tiku Patel, chief executive of Blue Motor Finance, said: “We are excited to be working with Banked. Their proposition coupled with Blue’s pursuit of challenging the norm through using technology, and enhanced data and analytics will help provide customers with outstanding service. This latest partnership makes our service to customers quicker and develops the ways in which we transact with customers. “
Brad Goodall, chief executive of Banked, added: “Blue Motor Finance’s drive to use smart technology to improve customer experiences and increase efficiency is completely aligned with the Banked aim to drive real value to businesses and consumers through building innovative payment technology.
“Banked is delighted to be partnering with Blue to develop even more ways to help customers make payments securely and simply and improve customer service.”
Earlier this year, Blue Motor Finance partnered with credit reference agency Credit Kudos to assess creditworthiness and affordability more accurately.