Canopy Servicing Joins Visa Ready for BNPL to Enable Flexible BNPL Payments
Canopy, the most configurable platform for loan management and servicing, announced today it has joined the Visa Ready for BNPL program. Through its work with Visa solutions, Canopy enables BNPL installment payments on cards around the world. Visa’s portfolio of BNPL solutions include Visa Installments Solution (VIS), standalone credentials, as well as rails to support efficient B2B settlement. Lenders and merchants leveraging these solutions can expand acceptance, drive conversions, and streamline merchant settlement.
Today’s consumers want flexible payment options — that’s why BNPL has become a $1.6 trillion global opportunity and continues to grow.
Canopy’s highly flexible loan management and servicing platform supports personalized, transparent, and safer payments. “By working together, Canopy’s platform and Visa’s portfolio of solutions empower lenders and the merchants they serve to offer consumers financing that matches their budget,” said Matt Bivons, CEO of Canopy.
“Canopy takes the pain out of servicing BNPL payments while Visa ensures those payments are disbursed instantly and effortlessly,” Bivons said. “Obtaining an installment loan used to be an uncertain, paper-heavy process that involved filling out forms and waiting for approval. Servicing those loans was far from the tap-and-swipe, mobile-friendly, automated world of today. When BNPL came on the scene a few years ago, banks and other financial services companies discovered it was hard, if not impossible, to service BNPL using legacy installment servicing infrastructure.”
With Canopy’s real-time platform, lenders and card program managers can track balances and transactions for each borrower and for all the products used by that borrower. They can safely offer BNPL financing through any merchant and provide a simple and transparent borrower experience. Canopy’s BNPL Merchant Toolkit makes it infinitely easier to analyze, service, and track BNPL portfolios.
To learn more about the Canopy Servicing loan management and servicing platform, visit www.canopyservicing.com.