UK Fintech Partnership Targets £16Billion in Unclaimed Benefits

UK users of Paylink Solutions’ income and expenditure (I&E) platform Embark can now access information regarding benefits and social funding through the company’s latest partnership with the benefits digital solution provider Inbest

Despite the UK’s current economic strain, a considerable £16billion worth of benefits, grants and social funding go unclaimed by the eight million households that are entitled to them.

The most common reason for this is that these households are either unaware of the benefits they’re entitled to, or they assume that they’re not eligible.

In an effort to make the claims process more accessible and transparent, the partnership will integrate all relevant user information regarding benefits into the platform.

Users using the platform to complete a budget will automatically know what they’re entitled to with access to all the information they need.

Updated government funding initiatives will be reflected in the data supplied by Inbest, which will be accessible to both users and government agents.

Paylink sees the integration as a benefit to the digital journeys of its financial services clients, confirming in its statement that it seeks to ‘significantly improve customer outcomes’ and ‘provide a tool for agents to help their customers, particularly those who are vulnerable’.

Susan Rann, CEO, Paylink Solutions

Recognising the over-complexity of the benefits application process, which typically requires vulnerable customers to search for financial information in their bank statements, Susan Rann, Paylink Solutions CEO, emphasises the company’s commitment to “improving the financial wellbeing and resilience of UK households.”

“The timing has never been more crucial as we continue to face a cost-of-living crisis and rising interest rates,” comments Rann.

“Through our new partnership with Inbest,” she continues, “we’ll take the pain away from this process, ensuring the most up-to-date information is being provided to our clients and their customers to create the best possible financial outcomes.”

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