EML & Frollo unveil the future of money giving lenders & fintechs early access to Australia's first-ever Open Banking payments platform


EML Payments Limited (ASX: EML) (S&P/ASX 200) and Frollo have made financial history with the announcement of the EML Nuapay product suite, combining the newest innovations in Open Banking, personal finance management and payments in a customizable solution to streamline, enhance and personalize the entire user journey for fast growth neolenders and neobanks. Amongst the many use cases, the disruptive duo removes friction from the lending journey and enables instant decisions and instant access to monies.

Open Banking can be interpreted as a protest against conventional banking, putting consumers in control and recreating a more wholesome relationship with financial institutions. EML Nuapay is a payment revolution with Frollo and gives clients the ability to choose between a no-code, low code and fully customisable API solution.

Gareth Gumbley, Founder & CEO, at Frollo said: ”We believe Open Banking will be a game-changer for consumers worldwide, helping them improve their finances. We’re excited to have found a partner in EML that recognizes this opportunity and can help us make this a reality. By integrating market-leading Open Banking, payments, and Personal Finance Management features into a fully customizable solution, Nuapay can offer lenders and FinTechs a simple way to take their customer experience to the next level.”

Sarah Bowles, Group Chief Product Officer, at EML stated: ”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 the FinTechs driving this revolution to scale quickly and globally. 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 installment loan.
  •   Spend controls: Using AI transaction categorization to control spend in real-time and place budget caps for specific money buckets.

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