Real-Time Credit Check

Case Study: cashpresso

More Flexibility to Pay with cashpresso

The fintech Credi2 and Raiffeisen Bank International were able to launch cashpresso – a user-friendly buy now, pay later payment method. cashpresso enables particularly flexible installment payments that can be used in all online shops. Customers receive special conditions for purchases in partner shops: interest is only due after the first 60 days. This allows returns to be processed and purchases to be split into two free installments before any costs are incurred. It goes without saying that purchases can also be financed over a longer period of time.

In addition, cashpresso serves as a practical financial buffer by enabling the quick approval and payment of framework loans of up to 1,500 euros to any bank account.

Starting Point

Credit Check Is Essential When Making a Loan Decision

Credit checks are of particular importance for flexible installment payments and the approval of instant online loans. The consumer’s ability and willingness to pay must be determined as precisely as possible. Before cooperation with FinTecSystems (FTS), credit reports from credit agencies were the only basis for loan decisions.

Challenge

Lending in Real Time with Minimal Default Risk

cashpresso wants to enable its customers to pay in installments anytime and anywhere – as simply and quickly as possible. Installment payments are based on a framework loan which can be applied for completely online and without long waiting times. In order to be able to grant real-time loans, cashpresso was looking for a provider that could provide an automated and real-time overview of the financial situation of potential customers.

The credit reports mentioned above should be expanded to include additional financial information. The aim was to further improve the evaluation basis for credit decisions and to minimise default risks.

The FTS Solution

Digital Account Check in Real Time via XS2A

The Open Banking Platform provided by FinTecSystems (FTS) is the ideal solution to meet the customer’s requirements, as online banking access (XS2A) is perfectly suited to performing credit checks. The FinTecSystems Digital Account Check process is very simple: During the application process, the consumer uses their usual online banking access details on cashpresso to provide their financial overview instead of having to manually submit salary statements and bank statements. FinTecSystems then identifies and categorises the consumer’s transaction history. cashpresso receives a precise and individual digital statement in real time. This way, loan applications can be approved more quickly and can be finalised by consumers in any situation.

The consumer logs into his online banking within the application section to provide his financial overview.
Manual submission of salary statements and bank statements is completely eliminated.
FinTecSystems now extracts, categorizes and analyzes the consumer’s transaction history.
cashpresso is transmitted in real time and online with a selective and individual breakdown.

Customer Benefit

A Reliable and Stable Interface that Covers all Relevant Current Accounts.

With the Digital Account Check provided by FinTecSystems, cashpresso has been able to further improve its internal scoring. The account view via XS2A, which potential cashpresso customers willingly agree to during the application process, enables the framework loan provider to create a digital expenditure account. This means that payment behaviour can be better assessed and loans can be granted more specifically.

Thoughts on the partnership

“With cashpresso, paying on the internet becomes part of the shopping experience. The possibility of paying in flexible installments is ideally suited to the individual situation. This is exactly what modern, digital payment and financing services should offer. We are pleased that we’re able to implement this solution for cashpresso.”

Maximilian EberhardtBusiness Development FinTecSystems

“Since the moment we integrated the FinTecSystems interface into our application, we have been able to obtain additional financial information in real time and use it to continually improve our risk model. Both the technical integration and the day-to-day operation work seamlessly, which is why we can wholeheartedly recommend FinTecSystems as a partner”.

Jörg SkornschekChief Operations Officer – cashpresso.com

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