Canopy provides a low-code solution to help you launch and sustain lending programs. We support installment lending programs, revolving lending programs (credit cards, charge cards, lines of credit, etc), and even more customizable unique programs (such as multi-advance or MCA programs) that make sense for your team's business model.
- You are a new or existing company aiming to add a brand new lending product to your portfolio.
- You have an active lending program and seek to migrate your loans to servicing software that your team does not need to maintain.
Build through configuration, rather than code -- while we strive to make our API developer-first, you can set up almost any lending program you can imagine in Canopy with little to no code.
Canopy's API exposes a system of record to support your organization's lending programs.
- No-code -- Product Creation: Rapidly configure each of your installment and revolving lending programs in Canopy. The rules driving these programs can be simple, or structured with a high level of flexibility, if desired.
- Low-code -- Onboarding Borrowers: As you make the decision to approve borrowers, you can onboard these borrowers directly into Canopy's system.
- No-code Options -- Borrower Activity: Throughout the loan lifecycle, you can continue to update Canopy with activity such as transactions or payments.
- Handled Automatically -- System of Record: Based on the rules configured for the borrower, and the borrower's program, Canopy serves as a reliable source of truth for all of the borrower's account information. This includes statements, amortization schedules, and real-time account data.
- As-needed -- Open API: The state and history of your customers' loans and accounts can be fully consumed by any software. Canopy packages analytics, reporting, and servicing around these accounts for you.
Accounts created in Canopy have multiple events occur over the account lifecycle.
- Scheduled events: Statement cuts, due dates, promotional windows, etc.
- Account activity: Account edits, transactions, payments, etc.
Canopy's events engine enforces that the system responds to all of these events per configured rules, and thus can also serve as the reliable source of truth for information around these events from external systems. For example -- based on a configured promotional period for, Canopy will automatically end promotional policies on a date that was configured when the account was created.
By maintaining an immutable ledger, Canopy allows you to track and audit the full history of activity on your account. This has a few key advantages.
- Historical insight: as changes are made to an account over time, you can still reliably get a full view of account balances, statuses, and state at any point in time.
- Hypothetical future insight: you can also gain insight into what an account will look like in the future, or would look like in the future under different conditions. For example, if a customer were to double their monthly payments.
- Retroactive event processing: fully waterfall changes to an account when events are processed retroactively. Disputed transactions, payment reversals, or even payments or transactions that may have failed to be processed correctly by the time they reached Canopy and need to be processed retroactively.
- Reporting Granularity: See exactly how each payment poured across which fees, principal value for different transactions, interest for different transactions, loans, and other line items.
- Line-item-level Policies: Expand the level of creativity and flexibility of your loan programs. Charge different interest rates by merchant type, waive fees from late payments made in the offseason, and more. Create flexible programs that make sense for your business model.
With reliable data housed in Canopy's System of Record, information can be surfaced to the consumer. Canopy has an out-of-the-box customer service UI which interfaces directly with the System of Record for real-time data.
- Role-based access controls allow you to restrict read and write access to borrower information in the way that makes the most sense for your operational flow.
- Customer service agents can quickly and easily access key account information and reference notes to provide the best customer service experience for your borrowers.
- Our UI has been specifically built with the Customer Service Representative workflow in mind, to provide the most intuitive experience that reduces training costs in servicing your account.
Since the customer service portal simply wraps Canopy's API, you have full flexibility to enhance this servicing experience with additional functionality if desired.
For example, you can integrate Canopy with Zendesk or another CRM used by your customer service agents to track and monitor customer service cases while leveraging the data housed in Canopy to provide the most informed servicing information.