One Mortgage System (OMS), an enquiry-to-completion processing platform for brokers in the UK, has partnered with bank payment company GoCardless to integrate Open Banking payments.
With GoCardless’ ‘Instant Bank Pay’ integrated directly into the OMS platform, brokers will be able to request payment from their clients for services rendered.
Through the partnership, intermediary firms can manage, collect, and reconcile payments more effectively, helping to improve cash flow, and without needing to leave the OMS CRM system.
Additionally, brokers can bypass costly card fees by collecting instant, one-off payments through GoCardless’ Open Banking payment offering.
Neal Jannels, managing director of OMS, said: “The GoCardless ethos of making payments faster, cheaper, and more secure is an admirable one and this important integration certainly fits within our ongoing commitment to helping the broker community to work smarter, not harder.”
OMS’s end-to-end platform covers product areas such as residential, buy-to-let, second charge, equity release, bridging, and commercial, as well as general insurance and protection.
The platform allows encrypted document uploads, sourcing, evidence of research, email and SMS updates, pre-underwriting, and credit searches, with the aim to save brokers “hours of administration time”.
Seb Hempstead, vice president of partnerships at GoCardless, added: “By leveraging our Open Banking payments, brokers can deliver a best-in-class customer experience while saving time and money, creating a win-win for everyone.
“This use case demonstrates how Open Banking can bring real value to businesses and payers in the mortgage space, and we look forward to deepening our footprint in the industry with OMS.”
Earlier this year, GoCardless joined Crown Commercial Service’s Open Banking Dynamic Purchasing System (DPS), making it eligible to bid for account information services and payment initiation services ‘Request for Tenders’ issued by UK public sector bodies using the DPS.
More recently, the bank payment company teamed up with the UK’s Federation of Small Businesses (FSB) to help its members tackle late payments.
