BLUE MOTOR FINANCE’S PARTNERSHIP WITH BANKED : GOES FROM STRENGTH TO STRENGTH

Blue Motor Finance (Blue), a UK based car finance provider, partnered with Banked :, a global payment network, at the end of 2021. Blue prides itself on using innovation and technology to create ease and simplicity for its customers, and saw an opportunity to enable customers to make payments simply, safely and more swiftly through combining Banked : into Blue’s processes. The Banked : system of using open banking allowed Blue to send customers a fast and direct open banking link to make their payment.
Following this success, Blue rolled out the service to its dealers too. Coupled with Blue’s own stock funding platform Floorplan, which is a unique product that gives dealerships a simple and flexible way to finance the stock on their forecourt, the Banked : instant payment software means that dealers can manage their stock levels in real-time, moving vehicles on and off of their system, freeing up the facility to re-deploy. The dealer also no longer has to deal with scheduling direct debit payments or constantly overseeing their cash flow.
Blue is not the only one to have enjoyed success recently, Banked : has just secured a further $15 million in funding and are expanding their offering globally. Pay by bank euro currency payments are also available in France, Germany and Spain and will continue in 2023 with the addition of new countries and currencies.
With both companies enjoying successes since the partnership began, it is not surprising that Blue intends to discuss more ways it can use Banked : in the future and is also entering the partnership in a business awards category later in the year.
Tiku Patel, CEO of Blue Motor Finance commented:
“Blue has been delighted with the results of its partnership with Banked : so far. Blue is always looking for ways to make finance faster and simpler for its customers, and Banked : does just that. The fact that Blue has also been able to utilise Banked : to assist its dealers is an added bonus that proves the strength of the partnership. Blue looks forward to exploring more ways the companies can work together in the future.”
Lisa Scott, CEO EMEA Banked: commented:
“We are excited to be partnering with Blue and helping provide their customers with secure fast payments and that our fully integrated solution is finding new ways to support the Blue business. After the initial success with Blue we were delighted to work with them to roll out the service to their dealers too and look forward to expanding our partnership in the future.”

 Download more on this press release