Canopy works best for financial services or fintech companies who either have an existing portfolio of installment lending or credit card programs, or aim to launch a new portfolio of installment lending or credit card programs.
Advantages to running lending programs on Canopy include
- Getting off the ground quickly: Set up programs quickly, and once they're in place, move at the pace of ideation when servicing users through Canopy. Whether launching brand new programs or migrating existing ones, Canopy offers an intuitive process to get started.
- Built for flexibility and creativity: Take advantage of the ability to configure highly customized lending product constructs rapidly and frequently instead of using an out-of-the-box pre-defined product. This works great for companies who have conducted market research and already have an ideal target user in mind for their lending program; it lets you get as creative as you'd like in serving your user base.
- Compliance out-of-the-box: Utilize accurate, compliant interest calculations, account status changes, statement generation, and more through the Canopy system. Canopy is built with Reg Z, Reg E, the Fair Credit Reporting Act, CreditCard Act of 2009, Truth in Lending Act, and other compliance best-practices baked-in. Maintain the flexibility to configure your system in a way that works best for you while feeling confident in building a compliant system.
- Maintaining your system on an ongoing basis: Canopy provides robust, intuitive Customer Service tools optimized for handling all complex cases when servicing existing users of your product. Ensure that as your user base scales, you can continue to maintain integrity to your core user construct.
- Holistic lending programs: Offer lending programs to your users that take advantage of both revolving and installment product constructs.
- Seamlessly interact with external systems: Pipe your processor issuer data and auth flow directly into Canopy to embed into your lending workflow. Sync with credit bureaus to handle reporting and disputes workflows. Canopy's API interface plays well with external systems.