LOS ANGELES, March 17, 2022 /PRNewswire-PRWeb/ -- FinTech Breakthrough, an independent market intelligence organization that recognizes the top companies, technologies and products in the global FinTech market, today announced that it has selected Canopy Servicing (Canopy), the leading modern platform for managing and servicing loans, as winner of the "Best Open Banking API" award in the sixth annual FinTech Breakthrough Awards program.
Canopy is the most flexible platform to build and launch better debit, credit, and lending products, as well as support them with world-class service in a secure and compliant way. Canopy enables its clients to launch and service differentiated products using its API, empowering clients to easily manage credit, installment, or other more complex lending programs from a servicing and compliance perspective - whether newly launched or migrated from existing systems.
The Company's clients can configure over 20 variables per account, including APR, promotional periods, credit limits, and fees. Unique features include the ability to move a single transaction from a revolving account on or off the card rails and to enable that transaction to be paid off via installment plans without the need for an additional credit account.
Since Canopy's client originated and serviced the first loan on the Canopy platform in March 2021, thousands of loans have been originated and serviced an annual growth in dollars of loan originations is well over 1,000%.
"Developer friendly APIs and real-time data are highly complex engineering challenges," said James Johnson, Managing Director, FinTech Breakthrough. "Canopy is tackling this challenge head-on with breakthrough solutions, helping the next generation of Fintechs launch innovative products with a single API. Their system of record enables partners and clients to launch brand new products and better manage their customer service. We extend our sincere congratulations to the entire team at Canopy for taking home a well-deserved 2022 FinTech Breakthrough Award win."
The FinTech Breakthrough Awards is the premier awards program founded to recognize the FinTech innovators, leaders and visionaries from around the world in a range of categories, including Digital Banking, Personal Finance, Lending, Payments, Investments, RegTech, InsurTech and many more. The 2022 FinTech Breakthrough Award program attracted more than 3,950 nominations from across the globe.
"We are thrilled and overwhelmed by this recognition from FinTech Breakthrough. I remember when I was trying to pay off and close out my own credit cards, I was surprised when an outstanding balance affected my credit score. Providing accurate, real-time information was difficult for banks because their traditional infrastructure didn't support it and their legacy software made it hard for customers to offer personalized products," said Canopy Co-Founder and CEO Matt Bivons. "With Canopy, Fintech innovation moves beyond BNPL to lending and credit constructs that are new to the market. From credit builder products that leverage recurring payments to on-the-spot financing, we're enabling a new category of lending - custom financing tailored to a borrower's specific circumstances."
With Canopy, it is also possible to set policies at the account level or the transaction level; meaning one transaction could go on a BNPL plan and another transaction on a revolving policy. Additionally, Canopy enables clients to have a multi-product to one customer relationship, lowering the cost of service and streamlining the user experience. This unprecedented flexibility makes possible personalized financial products that are safer for lenders and borrowers.
One of the most innovative features is Canopy's immutable architecture, which protects clients in the event of a regulatory audit. Some advantages of immutability include the ability to "re-pour payments, credits, and debits," allowing clients to mitigate compliance risk and consumer complaints when executing on disputes. Immutability also supports real-time calculations and retroactive processing and, in this way, ensures accuracy at any moment in time.
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About FinTech Breakthrough
Part of Tech Breakthrough, a leading market intelligence and recognition platform for technology innovation and leadership around the globe, the FinTech Breakthrough Awards program is devoted to honoring excellence in Financial Technologies and Services companies and products. The FinTech Breakthrough Awards provide public recognition for the achievements of FinTech companies and products in categories including Payments, Personal Finance, Wealth Management, Fraud Protection, Banking, Lending, RegTech, InsurTech and more. For more information visit FinTechBreakthrough.com.
About Canopy Servicing
Canopy is the leading modern platform for managing and servicing loans. Our API-first architecture ensures any brand can embed financial products, bring those products to market quickly, and support those products with world-class service in a highly secure and compliant way.
Media Contact
James Johnson, FinTech Breakthrough, 213.255.3658, [email protected]
SOURCE FinTech Breakthrough
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