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

The Authorities’s Bounce Again Mortgage Scheme (BBLS) fashioned 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 obtainable to 1.67m SMEs throughout the UK with Virgin Cash lending £1bn to over 34,000 companies. In September 2020, extra measures have been introduced within the type of Pay As You Develop (PAYG) reimbursement choices.

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

A buyer can full this journey as much as 5 instances through the lifetime of the mortgage and, every time an choice is chosen, an in depth reimbursement schedule and whole price which displays the alternatives made have to be displayed.

Due to this complexity, Virgin Cash thought the very best buyer expertise could be a self-service, absolutely digital answer. The answer developed with Flexys is the primary of its form deployed by Virgin Cash and so far over 10,000 BBLS mortgage restructures have been accomplished by way of PAYG.

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

Jon Hickman, CEO of Flexys, mentioned ‘Working with the Virgin Cash group to create a wholly 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 advanced options to correspond with the urgent timescales. Central to our goal was to allow Virgin Cash to adapt to regulatory necessities rapidly, inform prospects concerning the influence of the choices obtainable to them and ship wonderful service by way of a 24/7 digital channel for optimum comfort.’

www.flexys.com

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