CCR Magazine

CCRi banner ad
You are here  :Home arrow News arrow Parity partners with Zopa
Contact Us Newsletter Signup RSS Feeds

Latest News Headlines

Headlines

 
Commercial Credit News

Headlines

 
Parity partners with Zopa PDF Print E-mail
Thursday, 08 September 2016
UK money management app, Pariti, today announced a partnership with award-winning loan provider Zopa to help consumers pay off their credit cards. The partnership is the first of a number of planned product integrations as the startup builds its ‘marketplace bank’ for millennials to help them save faster, spend wiser, and clear their debt.

Pariti was authorised by the FCA in June 2016, receiving both credit reference agency and credit broking permissions, as it seeks to pioneer a new ‘marketplace banking’ model. The Pariti app connects to a user’s existing bank accounts, analyses their spending history, and helps them set a target for improvement. This holistic view of a user’s finances enables Pariti to better understand their financial standing and deliver relevant low cost financial products via partners such as Zopa.

The Zopa integration enables Pariti users to discover if they could be paying less for their debt without affecting their credit score, and to apply directly for a consolidation loan through the Pariti app. Research from Pariti2 found that 47% of people with a credit card do not clear their balances each month, and that 60% of these pay only the minimum amount. With average monthly repayments of just 5% of loan value, it would take over eight years to clear a £1700 balance on a typical 20% APR credit card.

“UK consumers are getting ripped off by credit card companies”, Pariti founder Matt Ford comments. “Introductory offers, confusing fees, and unsuitable products have meant that people are paying far too much to borrow, and are getting stuck in high-cost debt. The product integration with Zopa allows us to proactively help reduce their cost of borrowing and pay off debt faster.”

“The market desperately needs more transparent and consumer-orientated financial products, and we simply don’t see enough of this coming from the banks. The recent CMA investigation into retail banking highlighted the need for technology disruption and the benefits of open banking; this partnership with Zopa is a great example of how such a business model can work to really help benefit the consumer,” adds Ford.

This is the latest Zopa partnership to be powered by its proprietary loan application service API, which launched in May this year. The API allows like-minded financial disruptors to tap into Zopa’s proprietary lending technology, risk expertise, and peer-to-peer funding model to bring Zopa’s award-winning loans to their customers.

Commenting on the new collaboration, Zopa’s CEO, Jaidev Janardana, said, “This latest partnership demonstrates the versatility of Zopa’s new loan API. The API is already being used in online retail, and the implementation of our Pariti partnership marks its first use in a fully integrated, in-app application process.

“Our own research shows that many consumers could save money by swapping out expensive credit card debt for a lower-priced Zopa loan, and by working with Pariti we are able to offer this service to even more consumers. We are very excited to be working alongside this likeminded financial disruptor to build the new generation of fairer, more transparent financial services.”
 
CCRI
3 October - Guoman Tower Hotel, Central London 

CCRInteractive, in association with Marston Holdings , is the largest and leading one-day conference from the publishers of CCRMagazine – a truly national and international event for the credit industry.

This landmark event allows delegates to: Learn best practice of how to increase profitable sales in today’s economy. Understand the key compliance issues and how they will impact upon you. Discuss the legislative and regulatory framework and how it will effect you. Consider the potential effects of Brexit on your business. Discover the latest innovations in the market to improve your collections. Motivate your staff to achieve ever improved results.

To book to attend in 2017, contact Stephen Kiely  or Alison Lucas. To find out more about being part of this landmark event, please contact Gary Lucas
CCRI 

 Forums International Ltd

Forums International Ltd

 Attendance at your first meeting is free of charge, and please quote reference 'CCR2016' to receive the special 10% discount off of your first annual subscription.

Find out more here.

latest issue

CCR Cover

The latest edition of CCR Magazine, the leading editorial publication in the UK credit industry, is out.

Read the latest issue online

The Credit Excellence Awards

Awards 

Tuesday 3 October - Guoman Tower Hotel, Central London


Do not miss your chance to meet and network with the Winners and Finalists at the Credit Excellence Awards, in association with Hoist Finance.


To book your place to attend, please contact Alison Lucas.


subscriptions

CCR is the premier magazine for consumer and credit professionals. It provides an independent voice to the industry, breaking major news stories and running in-depth features.

As a magazine, it works with and campaigns on behalf of the credit industry to promote its importance as a centre of potential profit and business development to the wider business world.

Subscribe to CCR Magazine

CCR World Magazine


 

Providing information and analysis for thousands of senior credit professionals worldwide, every quarter.

Find out more

GTS Media Ltd
81 Cambridge Road
Southend-on-Sea
Essex
SS1 1EP

Registered in England No: 05483197