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BRISTOL, England–(BUSINESS WIRE)–
Virgin Cash and Flexys Options have created a bespoke BBLS platform to assist enterprise clients handle the compensation course of, together with PAYG choices. The ensuing digital journey allows Virgin Cash clients to handle their mortgage over the complete time period and gives a transparent and detailed illustration of how every PAYG possibility impacts the parameters of the mortgage: instalment quantity, curiosity and time period. This helps the enterprise proprietor make an knowledgeable resolution about which possibility, if any, is suitable for them.

The Authorities’s Bounce Again Mortgage Scheme (BBLS) shaped the spine of help for British companies who noticed their income disrupted through the COVID-19 pandemic. Figures present that £47bn of loans have been made accessible to 1.67m SMEs throughout the UK with Virgin Cash lending £1bn to over 34,000 companies. In September 2020, further measures have been introduced within the type of Pay As You Develop (PAYG) compensation choices.

The system offered by Flexys absolutely complies with Monetary Conduct Authority steering on offering honest and constant outcomes primarily based on every particular person buyer’s state of affairs. Prospects have seven preliminary choices accessible to them beneath PAYG and are capable of return and make an additional choice three months from their subsequent capital compensation.

A buyer can full this journey as much as 5 occasions through the lifetime of the mortgage and, every time an possibility is chosen, an in depth compensation schedule and complete value which displays the alternatives made have to be displayed.

Due to this complexity, Virgin Cash thought one of the best buyer expertise could be a self-service, absolutely digital resolution. The answer developed with Flexys is the primary of its variety deployed by Virgin Cash and up to now over 10,000 BBLS mortgage restructures have been accomplished through PAYG.

Graeme Sands, Head of Enterprise Merchandise & Lending at Virgin Cash, stated ‘By working with Flexys we have been capable of present clients with an end-to-end digital self-serve resolution for the very complicated mixture of choices accessible beneath PAYG. The tight regulatory timeframes for deployment meant there was a major diploma of stress to deploy however the appreciable time, effort and dedication from each Virgin Cash and Flexys colleagues allowed us to offer slick and fashionable ongoing help to our clients impacted by the pandemic.’

Jon Hickman, CEO of Flexys, stated ‘Working with the Virgin Cash crew to create a completely new enterprise banking system has been a rewarding expertise. PAYG choices for Bounce Again Loans have been introduced in swiftly and, as an agile enterprise, Flexys was capable of develop a bespoke platform with complicated options to correspond with the urgent timescales. Central to our purpose was to allow Virgin Cash to adapt to regulatory necessities rapidly, inform clients concerning the influence of the choices accessible to them and ship glorious service through a 24/7 digital channel for optimum comfort.’

www.flexys.com

Ends

View supply model on businesswire.com: https://www.businesswire.com/information/dwelling/20220729005159/en/

Flexys contact:

[email protected]

Cell: +44 (0)7913 182146

Supply: Flexys Options