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USE CASE

Salary Advance

Payday lenders are staying ahead of the curve by embracing Open Banking data and ongoing consent, to provide on-demand access to wages through seamless customer experiences and holistic financial views of their customers.

Check out the use case info sheet below to discover more.

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Challenge

Consumers have less oversight over the money going out of their bank accounts. This can make budgeting hard, especially when it comes to unplanned bills like car or home repairs. Most payroll systems don’t calculate earned wages in real-time, meaning employees are often caught up in a cycle of being cash-rich on their payday or cash-poor as they await their next paycheck. For those living paycheck to paycheck, payday loans can be a debt trap, with escalating service fees compounding quickly.

Solution

Using Basiq, Beforepay customers can easily connect their bank accounts with bank-grade security, to detect pay schedules and expenses. From signup to loan approval, Beforepay users can expect money within their account – in 8 minutes. Using the data, Beforepay also focuses on the financial wellness of customers by helping them create a budget that gives them an overview of income, spending habits, upcoming bills and alerts them to how much cash they have leftover to spend.

What our customers are saying

Beforepay

Dean Mao, CTO

The aggregation of financial data is an important step in Beforepay providing its Pay On Demand™ and personal financial services to consumers. Basiq allows us to simplify a complicated process of aggregating data in order for us to concentrate on our product and adding value to our users.

Having the ability to see transactions anytime through Basiq also provides us with a great advantage in the marketplace. After integrating with Basiq, Beforepay hasn’t received any production issues in a month! Their support staff are knowledgeable and action our queries in a timely manner.

Read the full story

Discover more benefits & insights

Explore the benefits of using customer consented financial data across the Salary Advance landscape with Basiq.

  • Decrease the time to approval, expedite customer account onboarding and verification
  • Streamline settlements, ease the deposit of funds and progression of the lending cycle
  • Know your customer with a full 360 view of their financial profile
  • Conduct affordability projections and more!

Industry Leading Products

Some of the most innovative fintechs in the world utilise the Basiq platform to provide market leading solutions.

Access account and transaction
data in real-time

Connect

Get real-time access to account details, balances and transactions from financial institutions.

Gain deep insight of your
customer’s finances

Affordability

Get a better understanding of your customer’s financials by identifying income sources, expenses, assets and liabilities.

Enhance transactions with
merchant data

Enrich

Get rich insights by identifying the merchant, expense category and location of each bank transaction.

Ready to get started?

Get in touch or create an account.