January 13, 2023
by: Identyum

Identyum has teamed up with Leanpay to offer a quick and seamless user experience in fully digital installment payments. LeanPay is adding BNPL 3.0 and Identyum FinCheck AIS API’s to improve the process of installment payments.

Leanpay & BNPL 3.0

Leanpay is a pioneer of Buy Now Pay Later (BNPL) 3.0  – a revolutionary payment service that enables businesses to offer easy, simple, and fully digital installment payments to customers. No matter where they bank or how they receive their salary, Leanpay makes it easy for customers to pay in a way that works for them. And after the first successful purchase, Leanpay provides information on a customer’s total approved limit, so businesses know exactly how much customers can afford to pay. The baseline of BNPL 3.0 is a great user experience with easy installment payment for both small and very large purchases, online and in-store use, using only a mobile phone and an identity document, with a response to the approval within a few seconds and a maximum of three minutes.

Identyum & FinCheck

But how do LeanPay know if customers are financially capable of making those payments? That’s where Identyum and FinCheck come in. FinCheck is a credible digital and automated verification of the other party’s financial parameters, such as verification of ownership of a particular IBAN or verification of financial capacity parameters (e.g. average of last 3 salaries, an average of other income per account, etc.). All financial data can be retrieved with the explicit consent of the other party, according to the provisions of GDPR and PSD2 and the AISP license granted by the CNB. So as a licensed PSD2 Account Information Service Provider (AISP) across the EU, Identyum offers APIs that allow LeanPay to retrieve data on customers’ bank payment accounts, balances, and transactions. This not only helps LeanPay make informed decisions about who they can offer payment plans to, but it also helps protect businesses by ensuring that LeanPay is only offering payment options to customers who are financially capable of paying them back.

With Leanpay and Identyum partnering, customers can get the payment options they want while businesses can grow their bottom line.