In a significant move within the financial technology sector, ZORRZ has announced its collaboration with SaaScada to introduce a new credit card aimed at promoting financial inclusion. The card, named BlueAccess, seeks to assist individuals often overlooked by traditional financial institutions, including immigrants, refugees, students, the elderly, people with disabilities, and those with previously blemished credit histories.

ZORRZ’s BlueAccess card reportedly offers features tailored for people excluded from mainstream credit offerings. It does not impose monthly fees or require the hard credit checks that are typical of many credit products, the company states. This feature can play a crucial role in ensuring consumers’ credit scores are not further compromised if they fail to meet standard credit application criteria.

SaaScada, known for its advanced core banking solutions, was chosen to support this initiative. The company’s capabilities in providing real-time data insights and leveraging open banking data were pivotal to ZORRZ’s decision. With SaaScada’s technology, ZORRZ can make more informed and lower-risk credit decisions by going beyond traditional credit scores to assess customers’ creditworthiness. Additionally, ZORRZ customers will benefit from the ability to choose between standard credit repayments or Buy Now, Pay Later (BNPL) instalments at the point of purchase, granting them more control over their finances.

Priyesh V. Mistry, Managing Director at ZORRZ, commented on the current inadequacies of the credit system and emphasised that everyone should have seamless access to credit, regardless of their credit history. Mistry highlighted the significance of providing a responsible, collateralised credit card that supports consumers without exposing them to high-risk unsecured debt.

SaaScada’s contribution to this effort is fundamental. The company’s core banking engine, utilised through an event-driven architecture, provides ZORRZ with real-time transactional data and full transaction transparency. This technology is designed to aid consumers in understanding their spending habits, allowing them to make more informed financial decisions and reduce risks such as overspending or double spending.

Nelson Wootton, CEO and Co-Founder of SaaScada, expressed enthusiasm about the partnership with ZORRZ. He underscored the aim of revolutionising the credit industry to create a more inclusive financial landscape. By using a cloud-native, API-driven approach, SaaScada enables ZORRZ to build a bespoke ecosystem of top-tier partners and rapidly introduce new features to the market.

The BlueAccess card will be accepted wherever Mastercard is recognised and is scheduled for launch later this year. Potential users have the opportunity to join the waitlist and get involved with this innovative financial solution by visiting the ZORRZ website.

This partnership marks a notable shift in the approach to credit provision, promising to deliver financial products that prioritise consumer well-being over lender profit maximisation. The BlueAccess card, with its collateralised structure, aims to provide a viable alternative to traditional credit models, fostering financial inclusivity and responsible lending.

The introduction of ZORRZ’s BlueAccess card, supported by SaaScada’s advanced banking technology, is set to make a significant impact on communities previously underserved by the financial industry, promoting a more inclusive environment for accessing credit.

Reference by: https://cfotech.co.uk/story/zorrz-partners-with-saascada-for-inclusive-credit-card-launch