A novel solution for Credit building

Project Overview

A Canadian fintech company offers novel solutions to build and improve credit score.

Business Challenge

The client envisioned developing a credit-building solution that would assist people in building, maintaining and raising their credit scores. The platform enables users to access credit and creates a financial system that is adaptable and connected, with fair access to credit for everyone

Solution

Flycatch implemented the solution by integrating complex banking services and streamlining communication with credit bureaus. The loan is reported to Equifax and TransUnion, two of Canada's major credit bureaus. Users can unlock the loan with monthly repayments and the repayments are reported to credit bureaus in Metro2 format. The application also includes an autopay debiting mechanism, offering hassle-free repayments

Business Benefits

• Dramatically reduced the effort of user onboarding and tracking payments.

• Streamlined communication between banking services and credit bureaus.

• Data-driven dashboard for easier decision-making based on financial data.

• Automated and hassle-free loan repayment for users and the business.