BOX Processing launches Open API based Credit Processing Platform to challenge Legacy Providers

Following a round of investment BOX Processing launches the markets’ most modern platform for credit processing.

The founders of BOX are industry veterans with a track record of delivering solutions for leading payment and banking companies. Prior experience includes building and delivering banking and payments platforms for over 50 banks, retailers and credit organisations.

This experienced means the best features in the market have assembled and ‘BOXed’ them into one solution, putting lenders back in control.

Credit remains the most profitable product line in financial services, but the proposition needs to meet constantly evolving market needs. Legacy systems and providers are not well suited for today’s lending needs and do not provide the flexible, simple and front-end agnostic API integration options that lenders require in the world of PSD2 and Open Banking.

The BOX platform enables the delivery of versatile and agile lending products with the shortest speed to market, based on these operating principles:

 - Faster time to market than traditional providers based on cloud computing and an open API architecture
 - Greater flexibility in creating and managing lending products to meet the needs of a rapidly evolving product set
 - Ability to personalise products to individual customer needs (hyper customisation)
 - Reduced cost of trialling and evolving lending products as no legacy processes and a low-cost base
 - Integrates with any existing partner or provider, lowering barriers to change

Contact details

Rob Macmillan 


FCA issues new rules on Buy Now Pay Later products

The Financial Conduct Authority (FCA) has confirmed it will introduce new rules in the Buy Now Pay Later (BNPL) market, saving consumers around £40-60 million a year. The changes, which include banning firms from charging backdated interest on money that has been repaid by the consumer during the BNPL offer period, will be in force by 12 November 2019.

The FCA has taken action to reduce the impact on some customers where additional interest is charged because they have not met the exact conditions of the loan product. The aim of the rules is to improve consumer communication and stop firms from charging for backdated interest on amounts repaid during the offer period.

The growth of BNPL lending illustrates the expanding market opportunity for new lending products that meet consumer needs. But the action from the FCA also illustrates that regulatory requirements will be there to ensure lending products are easy to understand and consumers are well informed of their loan status and obligations.

For lenders providing innovative products to the market there is a need to ensure lending platforms have the flexibility to meet evolving requirements from both consumers and regulators.