The Just Loans Group PLC has announced that it has become a benefactor of ‘Project Rome’, a campaign from the Emerging Payments Association (EPA) lobbying for fairer access to payments infrastructure through FinTech providers.
The Just Loans Group PLC was formed in 2012 with the aim of building a robust, scalable, Anti Money Laundering (AML) compliant process for on boarding corporate borrowers in the UK and eventually Europe. This has enabled us to provide much needed alternative finance to UK businesses that want to invest and grow.
CEO John Davies says, we have successfully met this challenge and want to expand the range of services we can provide. However, in common with other FinTech providers we are faced with the ‘access challenge’ – how to get fair and equal access to the UK’s payments infrastructure.
“Understandably this is controlled by the Banks that over the years have created and heavily invested in the existing payments’ system. However, we believe change is now needed as we believe innovation, competition and customer choice is being restricted. This is becoming even more important to our business as we are planning to launch our own banking service later this year.”
“We are delighted to be investing in what I see as the most effective way of bringing about change by becoming a Benefactor of the Emerging Payments Association’s (EPA) Project Rome. This logically follows closely on the heels of the Group becoming the first alternative commercial lender to become an Associate Member of the British Bankers’ Association”
The Just Loans Group is just one voice advocating change but the EPA speaks for 100 companies and organisations from across the payments ecosystem. Project Rome is determined to lobby strongly for collaborative change to the UK payment system.
The aim is to build a long-term solution that provides fair and equal access while paying due credit to the founding Banks. A key component of this is to convince Regulators, the Banks and the Bank of England that alternative payment providers can be trusted with access to the existing systems.
Tony Craddock, Director General, Emerging Payments Association, explains: “The aim of Project Rome is to build a long-term solution that provides fair and equal access while paying due credit to the founding Banks. A key component of this is to convince Regulators, the Banks and the Bank of England that alternative payment providers can be trusted with access to the existing systems.”
John Davies adds, “One of the ways The Just Loans Group first started to address the ‘access challenge’ was to invest heavily in enhanced AML and KYC procedures. This type of action by alternative payment providers will build trust and allay understandable concerns.”