What is BNPL (Buy Now, Pay Later)?
Product
BNPL (Buy Now, Pay Later) is short-term instalment financing decided at the point of checkout. Its challenge is approving credit in milliseconds with minimal friction, which requires a fast decision engine, alternative data sources and policies that can be tuned per merchant.
Related terms
Embedded finance
Embedded finance means financial products offered inside platforms that are not banks: marketplaces, wallets, delivery apps. Credit appears at the moment of purchase or payout, without the person going to a financial institution.
Loan origination
Loan origination is the end-to-end process from a credit application being submitted to it being approved and disbursed: data capture, identity verification, data-source calls, scoring, policy execution and the final decision. Automating it cuts response times from days to seconds.
Subpolicy
A subpolicy is a decision policy invoked from another one, like a reusable block. It lets you split logic into pieces with a life of their own (identity validation, affordability calculation, fraud rules) and call them from several policies without duplicating them.
Back to the full glossary.
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