AperiData and PayPoint Partner to Streamline Debt Advice for Citizens Advice Using Open Banking
AperiData, in partnership with PayPoint, has reached new milestones in revolutionizing debt advice delivery for Citizens Advice Bureau (CAB) branches across the UK. Through their innovative Customer Support Tool, powered by Open Banking, they are transforming how debt and money management support is provided, empowering caseworkers and streamlining services during a time of immense need.
Rising to the Challenge
Citizens Advice, one of the UK’s most trusted organisations, plays a crucial role in supporting individuals facing financial difficulties, particularly amid the ongoing cost-of-living crisis. In 2022-23 alone, Citizens Advice supported over 457,000 people face-to-face, more than double the previous year. However, the manual process of gathering financial information from clients—many of whom feel vulnerable discussing their finances—has long posed significant delays to providing timely debt advice.
Recognizing the urgent need for innovation, AperiData and PayPoint introduced the Customer Support Tool, leveraging Open Banking to provide caseworkers with real-time, categorized financial data in a single dashboard. This innovation has not only eliminated reliance on slow, paper-based processes but has also brought transformative results to Citizens Advice branches.
2024: A Year of Impactful Growth
Since its trial launch at Citizens Advice Stevenage in January 2024, the Customer Support Tool has expanded to six additional branches across the UK. Its impact has been nothing short of transformative:
- Efficiency Gains: At CAB Stevenage, caseworkers have reduced the time required to gather and review financial data from an average of three weeks to just three minutes.
- Enhanced Support: By providing caseworkers with instant insights into clients’ financial situations, the tool has broken down barriers to debt advice and empowered clients to achieve quicker resolutions.
Charlotte Blizzard-Welch, CEO of Citizens Advice Stevenage, shared:
“AperiData and PayPoint’s Customer Support Tool has enabled our advisors to achieve an almost instant, real-time view of people’s financial circumstances, removing barriers to people engaging with debt advice and creating momentum for the people we help to start feeling the benefit.”
Driving Innovation for the Future
Beyond its current impact, AperiData and PayPoint remain committed to advancing their solution in collaboration with Citizens Advice branches. Continuous feedback from advisors has enabled the integration of user-focused enhancements, such as a pre-populated Standard Financial Statement (SFS) feature, further streamlining the process of delivering debt advice.
The £1 million investment by PayPoint in AperiData earlier this year has also bolstered the partnership’s ability to scale their Open Banking solutions across sectors such as financial services, government, utilities, and housing associations. This cross-sector application underscores their shared vision of leveraging fintech to solve real-world challenges.
Recognition and Looking Ahead
AperiData and PayPoint’s innovative work was celebrated with the prestigious Business Partnership of the Year Award at the Credit and Collections Industry Awards in 2024. Looking forward to 2025, both organisations are focused on scaling their transformative solution to support even more Citizens Advice branches across the UK. Their mission is clear: to provide ethical, efficient, and impactful debt advice solutions that make a tangible difference in people’s lives.
Ezechi Britton MBE, CEO of the Centre for Finance, Innovation and Technology (CFIT), praised AperiData’s contributions to the fintech ecosystem:
“AperiData worked with CFIT to empower Citizens Advice to leverage new open finance processes to ensure that vulnerable financial services consumers receive quicker and more bespoke advice. Their work was a key factor in CFIT achieving a successful proof of concept programme.”
Pioneering Change Through Welsh Fintech Innovation
As a member of Fintech Wales, AperiData’s achievements reflect the growing influence of Wales as a hub for fintech innovation. The partnership with PayPoint and their commitment to Open Banking technology exemplify the transformative power of Welsh fintech, not just within the UK but on a global scale.
This milestone is another step toward redefining how fintech can serve society, empowering organisations like Citizens Advice to provide timely, effective support to those in need.