Feature 3. It makes adding and updating compliance processes fast and easy The looming legislation has the industry, and the opportunity it offers, in a state of flux. You need technology that can act as your flux capacitor, making time travel possible. Obviously, we don’t mean that literally; what you need is technology that will keep you on the right side of compliance regulations now and at any point in the future, whichever countries you choose to operate in! In practical terms, this means having technology that makes it quick and easy to make changes to your processes, from adding in additional KYC processes, to ensuring all affordability requirements are met to keep your products fully compliant. To make your team, and in turn your business, more agile, your BNPL infrastructure should put you in control of implementing your strategy. One solution is technology that provides a no-code, drag and drop UI that empowers your risk team to update processes, add in new data sources and make changes exactly when they’re needed. This eliminates reliance on technology vendors and frees up your development team to focus on creating the IP that makes you unique and able to fully support your customers, and in turn your customers’ customers. One important item to note is that in addition to being able to make changes quickly, you also need to be able to maintain full auditability capabilities that show your commitment to fair and transparent lending practices.
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