Algoan, a turnkey solution to meet new regulatory requirements
Credit institutions, Buy Now, Pay Later providers and brokers, adopt our credit assessment and decision-making tools compliant with the new CCD2 directive.
The new credit regulation in France and Europe promises crucial changes in consumer credit and Buy Now, Pay Later (BNPL), particularly:
- Expanded scope: deferred BNPL and micro loans will now be considered regulated credit, subject to proportionate obligations depending on the amount and term.
- Enhanced affordability assessment: lenders will be required to thoroughly analyze borrowers’ repayment capacity, relying on accurate and relevant information regarding both income and expenses.
- Consumer protection: measures are introduced to limit over-indebtedness and strengthen support, including financial education.
- Regulated digitalization: online processes (credit applications or deferred BNPL) must ensure informed consent and strengthened rules on customer information.
Reliable and comprehensive data
Algoan’s solutions offer analyses leveraging Open Banking data, which is factual and real-time information obtained directly from the applicant’s banking institution, without intermediaries.
360° affordability Analysis
Instant affordability assessment is based on over 90 categories and risk indicators, enabling highly reliable calculation of debt-to-income ratios and repayment capacity, while protecting consumers from over-indebtedness.
Transparency at every level
Algoan’s solutions are GDPR-compliant by design.
The data leveraged for affordability and creditworthiness assessments is legally compliant, and the resulting decision can be fully documented.
Easy and fast implementation
Algoan solutions can be used via a simple link for bank data aggregation and APIs for credit decisioning. No custom development is required.
How can Algoan help with your project?
Would you like to change the way you make credit decisions? Let's talk!
