Tuxedo scores a first with Provident

wales

Payment technology and prepaid card provider Tuxedo has designed a bespoke loan application platform. The solution is providing instant decisions and a card payment solution for Provident Personal Credit, modernising the way the cash loan provider distributes credit.

A successful pilot scheme in the West Country and Wales enabled Provident to offer a more flexible alternative to its traditional cash loans and make an entrance into the electronic payment  arena.

With clear demand for prepaid processes, the system is to be rolled out on a national scale this year, making Provident the first in the home collections industry to offer its customers an online based payment solution.

Cash loans are traditionally distributed to the customer and payments collected via a local agent. Provident customers nationwide will soon have the option to receive a prepaid card, fully loaded with the agreed loan amount; giving improved  efficiency and convenience for agents.

The prepaid card solution enables Provident to make loan decisions in real time and upload funds onto cards instantly. As well as meaning customers get access to funds more quickly, its introduction also provides the customer with more choice, flexibility and convenience than a cash loan; facilitating online purchases and payments.

Furthermore, the customer can manage their card online via a web portal using Tuxedo’s eccount Platform. The eccount features a secure log in system, shows statements and payments, helping the customer manage their loan funds more efficiently. This visible trail of spend will also provide Provident with invaluable customer insight.

John Sharman, CEO of Tuxedo comments: “This has been a really exciting project to work on – from the initial design stages, right through to implementing the programme to Provident’s customer base. The results of the test stage are extremely promising and demonstrate just how much a bespoke prepaid payment solution can benefit a business.”

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