SaaScada Powers ZORRZ’s Revolutionary Fintech Solution for Financial Inclusion
SaaScada’s data-driven core banking engine fuels ZORRZ’s mission to democratise access to credit and empower underserved communities
London, 30 May 2024 – NextGen data-driven core banking engine, SaaScada, today announced its partnership with ZORRZ, the groundbreaking fintech company, to power ZORRZ’s innovative BlueAccess Card. This first-of-its-kind collateralized credit card solution aims to disrupt the traditional credit industry and bring financial empowerment to millions who have been excluded from mainstream lending due to limited or adverse credit histories.
Predatory so-called “credit builder products” typically come with exorbitant monthly fees, high APRs (sometimes as high as 90%), and make marketing claims of helping customers improve their adverse credit history. However, these products mostly lead to further unsecured debt and a decline in credit scores due to hard credit checks during the application process and potential rejections.
In contrast, the ZORRZ BlueAccess platform does not have any monthly fees or extortionate interest rates on outstanding balances. Moreover, the instant issuing process does not involve a traditional application or hard credit check, as long as the customer passes the ZORRZ’s KYC/AML and fraud checks. This approach ensures that vulnerable consumers are not subjected to further credit score deterioration or rejected outright due to their credit history.
“The current credit system is antiquated and has unfairly excluded millions from accessing mainstream financial services,” said Priyesh V. Mistry, Managing Director at ZORRZ. “We believe everyone deserves seamless access to credit, regardless of their traditional credit scores. By leveraging our collateralized model, we can provide a responsible, risk-managed solution that empowers those who have been shut out, without relying on arbitrary credit scores or making high-risk unsecured lending decisions.”
The ZORRZ BlueAccess Card empowers users with flexible repayment options, including the choice of standard credit or Buy Now, Pay Later (BNPL) instalments at the point of purchase. This level of control, coupled with state-of-the-art AI educational tools that simplify complex terms and conditions, equips customers with the knowledge and resources to better manage their finances and build their credit standing sustainably.
SaaScada’s data-driven core banking engine is crucial to this mission, providing ZORRZ with real-time transactional data and a robust credit card ledger. This transparency enables customers to gain valuable insights into their spending habits, make informed financial decisions, and avoid the risks of overspending or double spending.
“We are thrilled to partner with ZORRZ as they revolutionise the credit industry and bring much-needed change to the lives of underserved communities,” said Nelson Wootton, CEO and Co-Founder of SaaScada. “Our cloud-native architecture and API-driven approach empower ZORRZ to build a truly unique ecosystem of best-in-class partners, delivering a tailored and impactful solution that fosters financial inclusivity.”
The ZORRZ BlueAccess Card, which will be valid wherever Mastercard is accepted, is set to launch later this year. Consumers interested in joining the waitlist and being part of this groundbreaking financial solution can visit www.zorrzcards.com to learn more and sign up.
About SaaScada
SaaScada is a NextGen data-driven core banking engine built using cloud-native technology to deliver lightning-fast data speeds and flexibility. SaaScada’s unified product hub makes it easier, cheaper & faster to build a range of feature-rich products to deliver great customer outcomes via open APIs to the partner eco-system.
About ZORRZ
At Zorrz, we are passionate about providing responsible access to credit through secured financial products. Our flagship offering, the BlueAccess credit card, provides instant access to secured lending. This empowers consumers to build or rebuild credit with a solution designed to help people, not maximize lender profits.
We have taken this approach further with the addition of a secured BNPL option on BlueAccess, enabling installment payments on purchases while avoiding risky uncollateralized debt traps. Zorrz aims to promote financial inclusion, not predatory lending.
Our products are crafted to serve populations often excluded or misled by traditional unsecured credit models. By leveraging technology paired with a secured structure, we can democratize access responsibly. Zorrz believes opening doors through prudent innovation is the path to progress. We are committed to being stewards of that change.
