By Aisling Finn on Friday 22 May 2020
Contis says its solution is different to the other “emergency workarounds” currently offered.
Contis has today announced the launch of a new programme aimed at helping its clients provide solutions for vulnerable customers affected by the coronavirus crisis.
The B2B business which offers everything from card issuing to current accounts, is launching ’Carer Banking’ aimed specifically at those who will likely have to remain in isolation even after the lockdown has been lifted.
Contis customers—which include ethical current account provider Engage and international student account provider UniZest—will be able to offer Carer Banking, letting nominated carers buy essential items for the vulnerable people they are looking after, much like Starling’s connected card.
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," he added.
According to research from the Money and Mental Health Policy Institute, 52 per cent of carers know a vulnerable person’s PIN, 27 per cent have used a contactless card belonging to someone in their care and 23 per cent know their online banking password.
Contis’ Carer Banking removes the need for an exchange in sensitive personal information.
Firstly, there is no physical contact between the carer and vulnerable person, the new card is delivered straight to the carer’s address after they have completed an online identity check with the carer then able start making purchases immediately without the need for waiting for a physical card.
There are also several security measures in place, such as merchant controls, instant card freeze, spend limits and transaction monitoring.
Contis was founded in 2008 and is fully regulated by the FCA and holds an e-money banking licence from the Bank of Lithuania.