Predefined Banking Products

When you decide to offer your customers new products, you can benefit from a faster time to market by using our sample banking products that come along with the accelerators. You can also use the sample banking products to test them out in digital journeys before modifying and transforming them into your very own products, ready to be launched on the market.

The Buy Now, Pay Later solution comes with a series of pre-configured, ready to use banking products, as follows: Buy Now Pay Later, Buy Now Pay Later 3X to 12X, and Buy Now Pay Later - 30 Days. These products are quite similar, and the difference between them is highlighted by their name, X representing the number of monthly equal repayments that must be performed to cover the loan, and 30 Days representing the number of days after loan approval when the whole repayment should be performed.

Use these products as they are if you find they fill your business needs, or use them as starting points for your custom products to define tailored offerings for your customers. Based on your business requirements, modify the existing products by versioning them or create new products by duplication, so that they are ready to be used in your journeys.

Buy Now Pay Later 3X

The Buy Now Pay Later 3X banking product was configured as a BNPL term loan product type for short-term financing that allows consumers to make purchases and pay for them at a future date, and it was classified as a Personal Embedded Finance BNPL. Customers can take up loans ranging between EUR 10 and 10,000 with a 33.33% advance, for periods of 1 to 60 days.

The disbursement was set to be automatically performed at the contract approval. The loan is non-revolving, it doesn't allow refinancing or co-debtors, and it doesn't require guarantees. The repayment schedule is set for equal principal payments at every 30 days, with the first payment due on the first day of the loan, which is the purchase date. There is a five days grace period set for the interest and for the principal.

To speed up development and implementation time, as well as increase flexibility, use the predefined interest and commissions lists. These are automatically loaded at the contract level, where you can apply the desired ones. The interest in the list was defined as 0, but the penalty interest was fixed at 19.61% for any overdue amounts of the loan principal. Your customers pay no interest for the duration of the loan, if they repay the installments on time, otherwise the penalty interest kicks in. The one-time non-returnable up-front fee, automatically loaded on contracts, represents 1.45% applied to the loan's amount. Thus, your customers can see up-front the projected costs of the financed loan.

This product has no questions linked to it for the eligibility and underwriting processes, but you can add as many questions as you want based on your product needs. For example, add a question to determine whether the customer's income is higher than a specific monthly amount, approve it, and start using it in your journeys to filter out ineligible customers.

To further service your launched loan product in contracts using Loan Management's capabilities, we recommend using the following allowed transactions, which are already linked to the sample product: disbursement, early repayment, payment holiday, reschedule overdues, and reschedule debt. For a friction-free contract management process, the product is set up for automatic contract closure after full repayment, and the reconciliation account to be used for the contract is already selected. More servicing settings for your products can be defined as described here.