Lendflow, which offers integrated lending, has deployed an application programming interface (API) allowing companies to create, integrate and launch credit products, a press release said on Tuesday (May 24).
Called the Credit Decision Engine, it will help create credit cards, buy-it-now, pay-later (BNPL), and small business loans faster.
Lendflows products will offer an end-to-end solution for FinTechs and vertical SaaS companies, with the aim of offering better and faster lending services to help businesses grow.
The release says the credit decision engine will allow customers to access data services such as credit bureaus and alternative underwriting data, through a single API and contract, to get a better picture of credit seekers. ready.
Lendflow said its low-code interface and environment will give customers the ability to customize business intelligence workflows, reduce data costs and improve risk assessments.
“Our credit decision engine represents the natural evolution of Lendflow’s integrated platform,” said CEO and co-founder Jon Fry. “Combining the new decision engine with our credit granting system and our strong market of specialist lenders who understand the needs of the industry, we are uniquely positioned to ensure that our customers get an experience that is uniquely their own. . Our mission is to enable every company to become a FinTech.
See also: Buy now, pay later puts healthcare payments under the knife
There have been innovations in payments across many verticals, with healthcare reinventing itself with new BNPL options.
PYMNTS wrote that Walnut, a startup, announced a $110 million Series A round for these purposes.
The company said it wants to work on new healthcare solutions.
“Being able to provide a valuable service without acting as an inflationary force on the cost of healthcare is a critical part of our offering,” the company said in a statement. “We usually describe this as ‘buy now, pay later’ for health care. By allowing patients to pay in monthly installments, we ease the financial burden on our patients to help them pay for and access the care they need. »
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NEW PYMNTS DATA: THE TRUTH ABOUT BNPL AND STORED CARDS – APRIL 2022
On: Shoppers who have store cards use them for 87% of all eligible purchases – but that doesn’t mean retailers should start buy now, pay later (BNPL) options at checkout. The Truth About BNPL and Store Cards, a collaboration between PYMNTS and PayPal, surveys 2,161 consumers to find out why providing both BNPL and Store Cards is key to helping merchants maximize conversion.
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