LendingPoint reveals new OS for payment platforms

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Daniel Webber
Daniel Webber
Founder & CEO
Daniel is Founder and CEO of FXcompared and has 18 years of experience in the international finance world focusing on cross-border payments, technology and the property sectors. Daniel is widely… Read more
  • LendingPoint, a US firm, described its new service as “first-of-its-kind”.
  • Its new operating system, which is called SDKn™, can be integrated with a merchant’s current payment platforms and offers all sorts of fulfilment and credit options to the end-user.
  • “SDKn™ allows large and small merchants, regardless of their technology capabilities, to easily deploy a consumer financing tool for online and in-store transactions,” said a senior figure at LendingPoint.

A technology company that specialises in improving access to commercial credit has revealed a new software tool designed to integrate into payment platforms.

LendingPoint said that its new operating system, which it described as “first-of-its-kind”, would act as a pre-approval platform for firms that are looking to extend credit to their customers.

The system, which is called SDKn™, can be built into a merchant’s current payment processing tools.

The range of fulfilment options will be diverse and permit real-time online money transfers to the seller.

Other options include the provision of virtual cards to consumers.

In a statement, the firm, which is based in the US state of Georgia, said that the new system would work without users having to navigate away from the buyer’s site.

The firm said that its new system would be powered by a short amount of code, meaning that installation times will be low.

Customers can expect to receive a real-time decision on whether or not they will be extended credit.

This will apply to both online and store-based transactions.

In addition, the firm said, more than one lender can offer its credit services on the platform – even if the lenders had different policies on credit extension.

The ‘One App, One Approval, Multiple Lenders™’ feature will permit lenders to participate without having to show their criteria for lending.

According to KN Kasibhatla, who is LendingPoint’s chief technology officer, the new service will offer “multiple fulfillment possibilities”.

“Over the past year, we’ve worked hand-in-hand with our small business partners and customers to perfect the financing and purchasing experience,” he said.

“SDKn™ allows large and small merchants, regardless of their technology capabilities, to easily deploy a consumer financing tool for online and in-store transactions, offering multiple fulfilment possibilities, including virtual cards, direct deposit to customers, and immediate money transfers to the merchant,” he added.

LendingPoint’s target customer group is Americans who have credit scores of between 600 and 700 – on the basis that they have traditionally not been properly provided with credit options.

This latest development has also been designed with the impact of the coronavirus pandemic in mind.

Customers who are seeking the “certainty and simplicity of regular, affordable monthly payments” in the pandemic age would benefit in particular from the development, the firm added.

With so much going on in the international money transfer industry at the moment, it makes sense to remain ahead of the curve when it comes to information.

You can do that by heading over to our news pages and following all the latest updates as they happen.


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