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Given today’s disruptive technology landscape, financial product providers should make the most of the flexibility and speed offered by integration writes Nick Lawler.

This article was published in Banking Technology magazine’s November 2019 edition.

DPR has been at the forefront of retail finance technology and services for over twenty years and our vast network within the market means we’re ideally placed to make the most of third-party partnerships and to introduce new APIs, offering providers the agility to adapt to market changes and advances in digital solutions.

While consumers are the end recipients that benefit from technological advances, it is the financial institutions that are at the forefront of utilising new systems. Those firms that best implement new technology can maintain existing capabilities and develop stronger relationships in the market, and gain competitive advantage. This is certainly the case in retail banking, where technology is providing automated application processes that can benefit the provider as much as the consumer.

The speed and flexibility provided through these integrations provides clients with a huge range of benefits and allows both existing and new financial institutions to compete and offer their customers something new. Assessment of the entire life cycle of products and services can help identify sources of waste, and in turn, identify corresponding efficiencies to improve processes and performance. An increased focus on process identifies efficiencies and encourages leaner business solutions.

Designed to embrace the next generation of banking technology, DPR is always looking for new opportunities that will add value to both our clients and their customers to provide a frictionless journey. We have numerous third parties that we integrate with, including credit reference agencies, regulatory reporting, payments, valuation services, conveyancers, general ledger, fraud and antine-money laundering (AML).

We have listened to our clients and the market to bring our most recent integration with ClearBank, the UK’s first new clearing bank in 250 years. One of only five clearing banks serving over 330 banks and building societies in the UK, this latest integration is one of over 70 that support DPR’s origination and servicing core banking platform, offering more choice for our clients and proving that our partnership approach delivers.

Becoming the first core banking platform provider to fully integrate with ClearBank, DPR clients deploying our recently enhanced retail and business savings solution will access its real-time, multi-scheme, single channel APIs. Reciprocally, ClearBank clients gain access to DPR’s next generation core banking system. By integrating technology that’s transforming the clearing and agency banking landscape, we are making it possible for our clients to effortlessly offer real-time payments and more innovative banking services

Providing a single platform for Bacs, Faster Payments, Direct Debit origination and Chaps payments, ClearBank remain 100% fully focussed on payments and does not provide retail or corporate bank accounts, guaranteeing a platform that users can rely on. Its modern, cloud-based architecture provides real-time access to compliant APIs that delivers a cost-efficient mechanism for providing agency banking functionality to customer accounts without having to move money between physical accounts. Remaining totally independent, DPR allows access to these services, delivering consistency and scalability.

Dave Patel, co-founder and CEO of DPR says: “We’ve found a long-term partner in ClearBank to bring real-time banking and payment services to our existing client base. Through one simple interface, it provides connectivity into payment schemes, in addition to other services such as account management and data management, all in house. Having completed our initial integration for one client, we’re really pleased to be able to extend this integration to all customers of our enhanced banking platform.”

Users of the platform will improve levels of productivity, efficiency and accuracy as well as speeding up drawn-out processes, subsequently helping to build loyal relationships, retain customers, and lower customer acquisition costs. This reduction in cost to serve customers will support improving overall margins. The result is a complete and coherent solution that can be implemented quickly and with minimal effort.

In order to enhance our core banking platform, we continue to look for new ways to grow and improve functionality. Whether you’re a third party looking to integrate or a provider looking to get more from your banking platform, speak to us today to find out how DPR is redefining banking technology.

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