Data Model Description

If you want to launch a new short-term consumer needs loan product with delayed payment, you can use a predefined industry standard data model for BNPL loans, such as the one available with Buy Now, Pay Later, which you can further customize and tailor to your business needs.

The Buy Now, Pay Later solution's data model was built based on the business entities created in FintechOS Studio. It contains both entities used throughout several solutions, defined in the Common Data Model, which covers the most important industry-specific entities and data sets referring to applications, applicants, or products, as well as extensions, which are business-specific entities needed for this accelerator's use case. The main entity holds details about the loan for consumer needs and stays at the center of the data model keeping the important business information, and a series of other entities are inter-connected in a logical manner, describing the entire business logic of the solution.

The short-term consumer needs loan that allows consumers to make purchases and pay for them at a future date is the central object of this accelerator and it is stored in the Loan entity, hereby considered the main entity of the data model. It contains detailed information about the application, the customer, the banking product opted for along with amount and currency, and the loan contract generated as a result of the application.

Each application record is linked to a series of other records from entities that hold business-relevant data. The data model stores records about the applicant who submits the loan application, their financial status, the banking products selectable for the loan, and the applicant's feedback.

The data model contains entities designed specifically to hold data for the following:

• the loan that allows consumers to make purchases and pay for them at a future date (with details such as the application number, the customer, the banking product opted for along with amount and currency, or the generated loan contract), its status and its approval information;

• the person who applied for the retail loan (with KYC details such as their identification information, their address, employment data, eligibility and confidence score, marketing consents, and so on);

• the detailed financial status of a loan applicant;

• the information about the banking products that can be applied for;

• the feedback of the applicant;

• any mock information used to store the credit card information, as well as the correlation between a user and a vendor.

Integrate the Buy Now, Pay Later accelerator on your website for your customers to acquire products using this type of loan. For testing purposes you can also use the pre-built dummy e-commerce data model. This dummy data model's main entity, Order Details, holds information about the customer's order, such as order number, amount, currency, or status. Each order record is linked to a series of other records from entities that hold business-relevant data. The data model stores records about the shopping session, the available commercial products, the ones placed in the shopping cart, and the items part of the order.