LONDON, May 21, 2020
LONDON, May 21, 2020 /PRNewswire/ -- European payments disruptor, Contis, has today launched 'Contis Cares'. This new programme is developing long-term solutions for the most vulnerable while society adapts to the lasting impacts of the COVID-19 pandemic.
Spearheading the launch is 'Carer Banking' aimed at supporting UK and European populations that will likely continue to shield, unable to shop for themselves, even after lockdown has eased.
According to a recent UCL study, in the UK alone, 8 million people are vulnerable due to conditions such as diabetes, obesity and heart problems and will need shielding for an indefinite period of time.
Carer Banking allows nominated carers to safely purchase goods and supplies for the vulnerable in a fully controlled, compliant and effective manner – with extremely low financial and physical risk.
Emergency workarounds have been created by banks, fintechs and retailers but many are not fit for purpose. A comprehensive solution is needed as 52% of carers know a vulnerable person's PIN; 27% have used the other person's contactless card and 23% know their online banking password (Money and Mental Health Policy Institute).
With a long history in addressing social exclusion, Contis now serves over 150 credit union and community banking clients. The growth fintech has once again innovated in a space that is often overlooked by neo and legacy banks. This new solution enables banks, building societies and other financial institutions to offer their customers more choice and protection.
So, how is 'Carer Banking' different to those already in market?
Andy Patton, Chief Commercial Officer at Contis, said: "We're helping clients adapt their businesses to the new economy as their customers' needs change. Our new products help companies get funds safely to those in need and support vulnerable customers to shop and pay for essentials."
This ground-breaking solution is a result of the "Contis Cares" initiative. Over the past two months, Contis has diverted its significant development resource to tackle Covid-related issues and is now formalising its commitment to the most vulnerable in society. It is guided by a long-term social mission to:
Additional 'Contis Cares' products currently in development include a bolt-on lending platform to help ease the imminent credit crisis and a retail scheme for vulnerable shoppers.
Contis is transforming banking, issuing and processing. We help corporates, banks, fintechs and insurers unleash their true potential. Founded in 2008 by Peter Cox, Contis provides award winning, cloud-based, real-time banking and payment solutions. We enable our clients to deliver next-generation accounts, cards and apps to their customers. One of the FT1000: Europe's Fastest Growing Companies in 2018, 2019 and 2020. We have offices in the UK, Lithuania and India. Contis benefits from a full licence suite, including FCA and Bank of Lithuania eMoney Licences which cover the EEA. Contis is a Principal Visa member with sponsorship capability.