Minutes to Set Up. Then It Runs Until Complete.
Step 1: Create Your Loan Agreement
Step 2: The borrower authorises the recurring repayment via open banking through their banking app.
The lender authorises their receiving account via their banking app, so that Amico can transfer funds into the nominated account.
This step ensures bank provided security alongside identity verification to ensure trust for both parties.
Step 2: Your Borrower Sets Up Amico Repay – They connect their bank account via open banking and authorise the repayment schedule. Encryption and security at every step.
Step 3: Payments transfer automatically
On each scheduled date Amico will handle the repayment from the borrowers account to the lenders. The full loan history updates in real time.
Step 3: Payments Transfer Automatically – On each scheduled date, payments move from the borrower’s account to yours. Both get notified. Ledger updates in real time. That’s it—no more manual coordination or awkwardness.