Canopy's API exposes a system of record to support your organization's lending programs.
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.
As you make the decision to approve borrowers, you can onboard these borrowers directly into Canopy's system.
Throughout the loan lifecycle, you can continue to update Canopy with activity such as transactions or payments.
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.
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 an account, Canopy will automatically end promotional policies on a date that was configured when the account was created.
Immutability and Retroactive Events
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.
Line-item Level Accounting
- 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.