We have a rigorous compliance approval process for new customers that includes approving their app UX, marketing collateral, user communications, internal compliance & underwriting policies, etc.
For existing customers, we have and are in the process of building monitoring systems to verify customers are sending required communications (ie signed loan agreements, adverse action notices, payment reminders, statements, etc) and that their decisioning aligns with the credit policy we've approved.
In the near future, we're going to build tools to automate/handle a lot of the compliance-sensitive processes/ops for teams that don't want to own it themselves. This will include Pier-powered user communications and underwriting, among other things. We'll have more to share on this soon!
We're actually in the process of building support for a BYO license & compliance model, which would allow you to use our APIs with your own lending licenses. tbh haven't thought about an international use case for this, but it's possible that you could use some of our technology to help with apr calcs, loan ledgering etc in an international market. Feel free to drop me a note, would love to learn more about what you need [email protected]
Thanks! Banks/bank sponsors don't specialize in credit, which gives us an edge because it's our core competency. Credit programs are complex, require compliance with a lot of regulations, and can vary greatly from program to program, so we can support a larger surface area of use cases and program configurations.
We currently use sameday, nextday and standard-ACH for fund flows. We're keeping a close eye on new payments rails like FedNow to speed up loan funding for borrowers and are looking to add more funding/payment methods soon!
Our credit application API will return an error if you try to approve a set of offer terms for a user that violates their state's limits.
We also have a couple utility endpoints that help with coverage and compliance checks: 1) a coverage endpoint that returns the basic limits for each state and 2) an endpoint that allows you to verify if a set of offer terms are compliant for a given state.
For existing customers, we have and are in the process of building monitoring systems to verify customers are sending required communications (ie signed loan agreements, adverse action notices, payment reminders, statements, etc) and that their decisioning aligns with the credit policy we've approved.
In the near future, we're going to build tools to automate/handle a lot of the compliance-sensitive processes/ops for teams that don't want to own it themselves. This will include Pier-powered user communications and underwriting, among other things. We'll have more to share on this soon!