Major enhancement to afforditNOW platform will ensure the right customers receive credit and those who are more likely to default are more easily identified.
Online PR News – 19-May-2015 – London – PayBreak, the financial technology company specialising in digital point of sale finance, has announced a major enhancement to its afforditNOW lending platform that will ensure that the right customers receive credit and those who are more likely to default are more easily identified.
Teaming up with Logical Glue, which offers real-time predictive analytics, afforditNOW is better positioned to understand and act on the risk profile of customers applying for credit when purchasing from retailers. Predictive analytics provide a better understanding of how customers will behave in the future.
Julia Throop, Managing Director, PayBreak said: “the take up of our afforditNOW suite of products is growing rapidly and we need to ensure that we continue to have the best credit checking processes in the market.
“Logical Glue’s predictive analytics tools are among the best available, and we can now be much more nimble in assessing an application, but more importantly ensure that we are providing credit to the right people.
“We provide loans as low as £100 and there is not enough historical data on the credit history around smaller loans. When we talked to credit bureaus about solving the challenges of building a scorecard for our demographic, we also realised we were in a development cycle that was over 6 months long. It is imperative therefore that we use predictive analytics overcome this market shortfall, and with Logical Glue we were able to address these challenges and implement within 90 days.
“Using Logical Glue’s systems will also help us develop our overall knowledge base around other facets of lending.”
Colin Magee, Chief Executive, Logical Glue said: “We are delighted that PayBreak chose us to help them develop their predictive models on the Logical Glue platform. The pressure on lenders to respond more quickly to applications, but also to be more thorough in their credit scoring is growing rapidly, fuelling demand for predictive analytics. For lenders, building predictive models in-house with data scientists and traditional software can be time consuming, of variable quality and very expensive to develop and deploy, but by partnering with us we help them overcome these barriers and benefit from cutting edge predictive analytics, where decisions are completely transparent to the lender, and each adjudication is made live in real-time.”
About afforditNOW and PayBreak
available since 2012, afforditNOW is a suite of lending products offer by PayBreak, a financial technology company specialising in digital point of sale finance. afforditNOW is available for both e-commerce and traditional retail outlets and helps retailers boost sales with flexible finance, interest free credit and other consumer instalment loan arrangements.
A lender in its own right, PayBreak Limited is regulated by the Financial Conduct Authority, and operates and abides by the Consumer Credit Trade Association's strict code of practice for lenders. PayBreak promotes responsible lending. www.afforditNOW.com