As part of their collaboration, Canopy Servicing and Moov, which is a provider of payment processing infrastructure, introduced a new solution that allows banks, non-bank lenders, and credit unions to augment loan repayment operations. By merging Moov’s real-time payment features with Canopy’s automated servicing technology, the two companies intend to provide scaled efficiency, reliability, and transparency in loan repayment processing. As detailed in the official press release, Canopy Repay is set to be available to Canopy’s client base of commercial lenders in June 2025.
The partnership with Canopy Servicing comes after Moov joined forces with Jack Henry to support community and regional institutions in delivering improved digital payment services to small and medium-sized enterprise (SME) customers. The cloud-native solution aimed to enable SMEs to accept payments with a tap on the phone, receive same-day funds for accepted payments, and automate reconciliation to the accounting software package.
Simplified payment workflows, with the solution minimising reliance on legacy payment providers and optimising lender integrations;
Scaled transaction reliability by utilising streaming architecture to decrease payment failures due to dropped or timed-out transactions;
Real-time insights, as the solution offers a unified dashboard with up-to-date loan and payment statuses for operational visibility.
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