Canopy Repay: platform features
Canopy Servicing and Moov have joined forces to create a solution that simplifies loan repayment. The Canopy Repay platform streamlines payments for banks, credit unions and other financial institutions.
The solution is based on a combination of advanced commercial loan management technology and state-of-the-art payment processing tools. Canopy Servicing provides the loan servicing platform, while Moov Financial provides the payment infrastructure.
The joint development will automate key processes and improve the efficiency of financial transactions. As a result, lenders will be able to offer customers more convenient and transparent loan repayment terms.
Benefits of the new platform
1. Simplify payments. The solution helps to reduce dependency on the services of traditional providers.
2. Better integration of lenders into a single ecosystem.
3. Increased transaction reliability by implementing a streaming architecture to minimise payment failures.
4. The system prevents the impact of missed payments and late transactions, ensuring operational stability.
5. Real-time payment analysis capability.
The programme provides a platform for tracking transactions with up-to-date status. This significantly improves the quality of operational processes.
Matt Bivons from Canopy sees the partnership with Moov as an important step in automating the processing of credit transactions. The companies provide users with a seamless, scalable embedded finance solution. This provides borrowers with a convenient customer experience and cost optimisation.
Wade Arnold from Moov highlighted the importance of providing borrowers with flexible loan payment options. The platform supports transaction processing through seamless ACH and card payments. In addition, the solution reduces interchange fees and improves loan repayment processes. This makes the use of Canopy Repay beneficial for both customers and banks. It can help improve the efficiency of financial transactions. The platform also helps to automate several traditional tasks faced by lenders. The solution is already available to Canopy and Moov customers. It can also become available to other businesses and individuals.
Company overview
Canopy Servicing provides cloud-based credit management services. The platform targets commercial organisations and simplifies payment processing. Canopy’s software facilitates:
– rapid product launches for lending;
– n-depth borrower analytics for loan decisions;
– risk management improvement by taking into account a variety of factors.
Using the platform helps commercial institutions stay competitive and respond flexibly to market changes.
Moov provides an innovative payment platform that operates in the cloud. Its network structure is designed to simplify payments in the technology sector. Through the platform, businesses can accept, store and redirect funds. Moov offers open-source software. This approach encourages other developers to improve the solution to make it as user-friendly as possible.
