Loan management and servicing platform Canopy has joined the Visa Ready BNPL program to facilitate seamless, flexible buy now, pay later (BNPL) payments.
The Visa Ready program helps technology companies build and launch payment solutions, according to a Tuesday (May 10) press release. The release noted that Visa Ready for BNPL also connects merchants, issuers, acquirers and tech companies with the right Visa partners.
More than 20 partners are now live on Visa Ready for BNPL, including ACI Worldwide, CyberSource, FIS and Marqeta. Canopy’s work with Visa solutions enables BNPL payments on cards worldwide.
Visa’s portfolio of BNPL solutions includes Visa Installments Solution (VIS), standalone credentials and rails to support B2B settlement. Lenders and merchants leveraging these solutions can expand acceptance, drive conversions and streamline merchant settlement, per the release.
See also: BNPL Growing in UK to Pay Energy Bills, Worrying Consumer Groups
Canopy offers a flexible loan management and servicing platform that supports personalized, transparent and safer payments. The platform enables lenders and card program managers to track each borrower’s balances and transactions for all products used.
“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.
“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.”
Read more: Visa BNPL Partner Program Aims to Fill ‘Capability Gap’ for FinTechs, Banks
Canopy said its real-time platform enables lenders and card program managers to extend BNPL financing through any merchant and provide a simple and transparent borrower experience. The company added that through its BNPL Merchant Toolkit, users can analyze, service and track BNPL portfolios.
Launched in 2019 and headquartered in Silicon Valley, Canopy uses automation and application programming interfaces (APIs) to help improve borrower repayment rates while reducing the cost of servicing for lending products and credit card products.
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