How Assurdly’s Direct Debit System helped generate and manage mandates for debits on Lendsqr’s customers’ accounts.

Lendsqr provides loan businesses with the opportunity to build, launch and scale easily and profitably. Their comprehensive end-to-end digital lending stack automates the entire credit lifecycle for loan businesses. This includes an extensively configurable loan decisioning workflow that helps to manage and optimise the lending process and easily adapt offerings for borrowers. 

They are trusted by over 3,000 lenders who rely on the technology and data to run smooth loan business operations. With their efficient automated features, businesses can easily provide streamlined loan experiences for borrowers and access to bank data to enable lenders to make informed loan decisions.

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Problem

With the introduction of the new NIBSS EasyPay mandate system, the client wanted a debit management system that can schedule debits on borrowers’ mandated accounts for repayments without the use of ATM cards and existing direct debit schemes which have proven to be limiting with repeated cases of NSF (non-sufficient funds) and fraud.

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Our Approach

We designed the Direct Debit in partnership with the Lendsqr team to help with payment processing. Through the Direct Debit system which allows users to create mandates, borrowers on the Lendsqr platform can now schedule recurrent loan repayments to their lenders and avoid missed payments.

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This new system which aligns with Lendsqr’s existing processes addressed the setbacks associated with the NIBSS EasyPay mandate system and eliminated the use of ATM cards for repayments.  

Integrating the direct debit system involved working with dedicated developers to capture product requirements, design, implementation, product testing and launch.

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Result

The Direct Debit payment method was made available both as a manual interface for the clients operators to use and as an API for internal bank applications. This resulted in a streamlined process for repayments, provided a more secure way for lenders to manage borrowers’ payments and eliminated the need for manual or card repayment transactions.