71% of Jaja Finance customers choose Pay by Bank

The Jaja mission

Jaja Finance is a UK-based fintech company offering digitally-led credit cards that allow customers to buy, borrow, and build via a mobile app. Each digital product, whether it’s the Jaja Vanta Credit Card, Asda Money Credit Card or the Bank of Ireland UK Credit Card, offers customers simple, fair and efficient credit.

The customer-oriented team pushing Jaja to new technological heights is led by Heather Le Quesne and Libby Abbott. Heather, Head of Finance Operations, is responsible for two teams; the Payment Services team and the Reconciliations team. Libby’s role as Chief Customer Officer leads the customer through each of their key milestones within their credit card journey.

The all-too-relatable challenge

Part of the culture at Jaja encourages team members to lean into the type of innovative tech that holds the customer experience at the very heart, often making the Jaja team early adopters, ahead of mainstream advances.

But, being a fintech in a tough economic environment means that cost-saving initiatives have to form part of their overall strategy at the same time. As a result, Heather saw Pay by Bank as a must have for Jaja, ticking both innovation and cost-saving boxes for the business.

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We knew that we were going to be saving money with Pay by Bank. It was more a case of being able to convince the business that it needed to be prioritised. In the end, the savings were so significant, it was something they just didn’t want to turn down.”

Heather Le Quesne, Head of Finance Operations

For Libby, giving customers total control, while providing a frictionless and secure journey, aligned perfectly with Pay by Bank’s advantages over more traditional payment methods.

Why did Jaja choose TrueLayer as their Pay by Bank provider?

Customer experience

With customer experience ranking so highly in the team’s goals and KPIs meant the Jaja team were only on the lookout for the best-in-breed provider. This needed to be reflected in the Pay by Bank journey flow itself. 

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There's two words I'd use to describe TrueLayer's Pay by Bank journey, and that's simple and efficient. It takes customers less than a minute to make a payment.

Libby Abbott, Chief Customer Officer

Improving reconciliation processes

For Heather, efficiency within reconciliation was a key consideration during evaluation. "I think the key thing that made us want to come to TrueLayer was their merchant account. None of the other providers that we went to offered this functionality. And for us, we knew that it was going to make our reconciliation procedures much slicker and quicker," explains Heather.

Protecting Jaja’s customers against fraud

When it comes to security, Libby was firm on Jaja’s stance: “protecting our customers against fraud is of the utmost importance in any new journey that we implement.”

This is where TrueLayer offers a unique solution, to truly understand if the payee is indeed the payee, using Verified Deposits.

“ Verified Deposits goes through confirmation of payee. It ensures that the account name, and the bank account is going to the same name in the Jaja credit card account. So it gives the customer a little bit more security, knowing that we're actually putting this check in place," says Heather.

All of these reasons, compounded with the overall cost savings brought by Pay by Bank, led the Jaja team to begin their journey with TrueLayer.

What about integration? 

Integration can be a sore subject for teams who have been burnt badly in the past, meaning businesses often have to take a leap of faith when choosing a new provider. 

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TrueLayer gave us clear communication from start to finish which helped us navigate through all the various phases from development, testing through to deployment.  Nothing's too much trouble.

Heather Le Quesne, Head of Finance Operations

At TrueLayer, however, all integrations are accompanied by an integration framework, tailored to each company’s unique business needs. For Heather, the TrueLayer team’s ability to understand Jaja’s bespoke use case was a stand out moment for them.

“ Our integration experience was excellent. TrueLayer has a structured approach whereby they provide us with a framework,” says Heather. “They gave us clear communication from start to finish which helped us navigate through all the various phases from development, testing through to deployment.  Nothing's too much trouble.”

The results

“In the first six months with TrueLayer, 50% of customers using the app chose Pay by Bank. For Vanta customers, 80% chose Pay by Bank, and across our total portfolio, 71% of our customers chose Pay by Bank as their preferred method of payment," explains Heather. "It’s also reduced our costs. In fact, we’ve seen a 36% reduction in our payment processing costs.”

“

71% of our customers chose Pay by Bank as their preferred method of payment ... we've [also] seen a 36% reduction in our payment processing costs.

Heather Le Quesne, Head of Finance Operations

Here’s what one Jaja Finance customer has to say about their Pay by Bank experience:

“I don’t always save my card details, and certainly not to every device I’ll use to make payments. Going to find my card, to put in all the details, to then go through further authentications takes time. During the process, the session may either expire or the details may not be approved. With Pay by Bank, you don’t have to get up to find your card, or add in any details at all. Frankly, it saves so much time. Plus, because of the biometrics, I trust that the payment method is safe and secure. Now, whenever I see Pay by Bank, it’s the option I prefer to take.”

What advice would Jaja give to other brands planning for Pay by Bank?

As Libby explains, with Pay by Bank, security is at the heart of the journey: “as a customer, you authenticate directly with your bank when you Pay by Bank. The second one is that no sensitive information is shared. The only thing that we want to know at Jaja is that you as a customer approve the transaction. And thirdly, you're in complete control. The amount you want to pay, when you want to pay it, is all down to you as a customer.”

Not yet convinced? See what lastminute.com had to say about their experience.