Flexibility is key in today’s financial landscape, especially amid the surge of microloans across the EU. One standout player in this arena is a prominent Maltese neobank, offering loans ranging from €100 to €1500 with flexible repayment options of up to 6 months. Licensed by the MFSA and operating across Europe under multiple brands, this neobank recognised the need to address the challenges posed by its expanding operations and intricate cross-border transactions.
The Challenges
Before partnering with Truevo, the neobank faced several hurdles:
- Establishing Efficient Payment Methods: The neobank struggled to streamline loan repayments, particularly in setting up recurring payment methods crucial for a diverse clientele seeking seamless and reliable repayment options.
- Ensuring Timely Payments: With a significant portion of repayments scheduled around paydays, the neobank encountered difficulties in ensuring consistent and timely payment capture, essential for financial stability and meeting customer expectations.
- Reliable Payment Processing: Recognising the potential disruptions to cash flow and customer satisfaction from missed payments, the neobank sought a dependable solution to minimise such disruptions and ensure efficient payment processing.
Enter Truevo, the optimal fintech partner, offering state-of-the-art technology and customisable features to streamline transactions swiftly and securely across various channels. With our global reach and platform flexibility, our solutions accept payments in over 150 currencies and facilitate payouts to cardholders in more than 80 countries worldwide. This empowered the neobank to navigate international transactions effortlessly while focusing on core operations.
Providing a Platform for Success
The key benefits of Truevo’s partnership included:
- Efficient Transaction Handling: We facilitated installment payments from customers for loan repayments through e-commerce and mail order/telephone order channels, streamlining the repayment collection process.
- Round-the-clock Support: We provided 24/7 support during implementation and continued support throughout the year, ensuring lightning-fast response times and personalised service tailored to the neobank’s needs.
- Real-time Payments and Multiple Currency Support: We enabled the neobank to offer real-time payments in multiple currencies with speedy settlement, enhancing customer satisfaction and internal operations.
- Wide Breadth of Processing and Acceptance: Our platform offered a wide breadth of processing and optimised acceptance, providing customers with flexibility in payment methods and minimising the risk of failed payments.
The partnership with Truevo significantly improved the neobank’s repayment collection process, driving operational efficiencies, enhancing customer satisfaction, and ultimately contributing to bottom-line improvement. With our robust technology and unwavering support, the neobank looks forward to continued collaboration and expansion into new horizons, revolutionising the European micro-loans market.
Read our full Neobank Case Study.
