Leading modern loan management and servicing technology platforms, Peach Finance, announced their entry into the Mastercard Engage Partner Network as a FinTech enabler to assist in providing customers with more payment options. With the help of the Mastercard Installments program, the partnership is currently focused on assisting lenders in creating buy-now, pay-later (BNPL) solutions.
Russell Braden, Peach’s VP of Product, said, “Servicing technology is arguably the most critical component of the lending tech stack. When novel lending constructs arise, a lender’s servicing tech can either be a competitive advantage or a hindrance. That’s why we designed Peach’s platform around an Adaptive Core, which gives lenders the flexibility to launch virtually any loan type in any asset class and continually refine their lending programs at scale.”
Braden continued: “We’re proud to be part of the Mastercard Engage network, where we can offer our modern platform and deep BNPL expertise to many of today’s top lending innovators. We believe that unlocking lending innovation is fundamentally good for borrowers and for the financial industry, and our partnership with Mastercard has the potential to significantly accelerate this innovation.”
With the security and assurance that comes with Mastercard, the new Mastercard Installments program helps banks, lenders, wallets, and FinTechs get to market faster while bringing scale, flexibility, and simplicity to the BNPL space. Peach will offer issuers in the Mastercard network the servicing technology they need to quickly launch highly flexible programs using Mastercard Installments as a certified Engage partner.
The difficulty of launching newer lending constructs like BNPL on legacy servicing technology has been another barrier to BNPL’s growth. Peach and other contemporary servicing options can be useful in this situation. Because Peach’s platform is independent of an asset class, lenders can offer almost any lending program, including cutting-edge constructs.
The platform from Peach is made to assist lenders in launching and scaling up contemporary lending products. Peach offers a loan management system, a comprehensive set of service tools, and Compliance Guard, a unique system for monitoring compliance. In contrast to other lending technology platforms, Peach offers lenders full configuration flexibility at launch and scale, allowing them to adjust to changing markets, legislation, and customer preferences.