This topic provides the detailed information about Buy Now Pay Later.

What is Buy Now Pay Later?

The Buy Now Pay Later option enables customers to start and obtain small loans directly from merchant websites, online banking platforms, and mobile applications. Banks and financial institutions providing this service can utilize the API from oracle banking origination for easy integration.While origination Buy Now Pay Later loan additional features like quick eligibility assessment, risk-based pricing can aslo be enabled.

How to configure the Buy Now Pay Later?

To enable a Buy Now Pay Later opening process, select E-Commerce in channel allowed field of Business Product Details screen. Loan simulation, quick assessment, and quick account also needs to be enabled in business product. Additionally, it needs a tailored map for a business process designed specifically for BNPL.

Figure 7-1 Business Process

Description of "Figure 7-1 Business Process "

1. Buy Now Pay Later Initiation - A user requests Buy Now Pay Later through a merchant's website by providing applicant details, customer information, loan amount, tenure, currency, bureau call required flag, and schedule type (normal schedule).
2. Loan Eligibility and Pricing Decision - Oracle Banking Origination checks product configuration, customer eligibility, triggers API calls like bureau score, decisioning, and risk-based pricing (if configured), and returns multi-term loan interest rates and installment amounts to merchant.
3. Confirm and Apply - The user confirms loan terms, merchant send loan application. The system creates Customer ID (if it is a new customer), generates a Loan Simulation ID, and triggers a Quick Account Opening.
4. Account Opening and Disbursement - Oracle Banking Origination initiates a Quick Account opening new loan account will be opened with disbursement and repayments as received from merchant.
   Below BNPL apis are called in the sequence.

   Table 7-1 API's Called

   API's Called	Description
   obremo-rpm-lo-loanapplications/ob/obo/v1/loanapplications/bnpl	It is used to fetch Interest and Installment for given terms.
   obremo-rpm-lo-loanapplications/ob/obo/v1/loanapplications/bnpl/apply	It is used to initiate the account creation process.
   obremo-rpm-projection-services/web/v1/inquiry/applicationsList?applicationNo=<APPLICATION_NUMBER>	It is used to Inquire the application, to fetch the newly created account number and other details.

5. Once the application is initiated, the user can inquire view of the completed application with the account number in Application Details dashboard.Once the application is initiated, the user can inquire view of the completed application with the account number in Application Details dashboard. The dashboard will display all relevant information, including the status of the application, pending documents, and estimated processing times.
   The Application Details screen is displayed.

   Figure 7-2 Application Details

   
   

   
   Description of "Figure 7-2 Application Details"