Credit, collections & insolvency news
Instalment-only credit card provider Tymit has agreed a partnership to adopt LendingMetrics’ Auto Decision Platform (ADP) to enable faster decisioning.
The fintech, which partners with merchants to provide consumers with a choice of in-store or online flexible payment plans, selected ADP after considering the platforms offered by a range of other providers. ADP is a next-generation private-cloud-based solution that enables underwriters to create and manipulate decisioning logic in real time, while delivering automated decisions in seconds.
Launched in 2019, Tymit says its card helps protect consumers from getting caught in a spiral of credit card debt. With every purchase consumers make using Tymit, they have the option to pay off the purchase in full that month, or repay in three monthly no-interest instalments. If longer is needed, they can choose to repay in six, 12, 24 or 36 monthly instalments at a transparent interest rate quoted upfront.
David Wylie, Commercial Director of LendingMetrics, said “We’re really pleased Tymit has adopted ADP, which provides it with the best solution for back office optimisation and scaling-up as its business expands. Going forward, the company will be using our award-winning platform to leverage the many benefits that come from assisted decisioning and the digital world.”
