Highnote Expands Payment Platform to Power Consumer Credit Programs

Oct 23, 2023
Highnote Team

The breakneck speed of the evolving fintech landscape waits for no one. Consumer preferences are becoming increasingly sophisticated, and with them, the market for credit services has grown in complexity and competitiveness as well.

It’s amid this backdrop that we at Highnote are thrilled to announce an expansion of our product. Already renowned for our debit, prepaid, and fleet issuing card platform, we are proud to say that we now power consumer revolving credit card products. This expansion marks a pivotal moment for us, signaling our commitment to providing comprehensive, cutting-edge financial solutions that empower fintechs, brands, and banks to deliver exceptional credit services.

A Leap into the Future of Credit Services

Meticulously designed and developed by a team of world-class payments veterans, Highnote’s platform expansion ensures that customers meet the complex and evolving demands of the market. With a comprehensive range of revolving credit capabilities, ranging from underwriting support to repayment facilitation and full credit program management technology, Highnote is poised to revolutionize the way credit services are offered.

Empowering Fintechs, Brands, and Banks

Credit products operate in a complicated regulatory landscape and often require unique financial and contractual structures. In addition, any modern credit offering also requires a host of comprehensive benefits that modern consumers demand. Our expanded platform not only navigates this intricate regulatory landscape with ease but also offers some of the most complete benefits available, including payment flexibility, purchase protection, credit score improvement, and highly personalized rewards.

This comprehensive approach allows fintechs, brands, and banks to strengthen their relationships with customers by offering innovative and differentiated revolving credit programs, eliminating the need to cobble together a disparate array of third-party tools.

Credit: a Transformative Experience

John MacIlwaine, CEO and co-founder of Highnote, has this to say about our expansion: "We're stepping into a new era where credit is not just a service but a transformative experience – from underwriting to origination, issuance to financing, and ultimately ongoing servicing. With revolving credit, we are setting the stage for a future where payments are smarter, more flexible, and more aligned with a brand’s overall experience than ever before. This is just the beginning of an exciting journey, and we're thrilled to be pioneering how the world pays."

Highnote's Revolving Credit Platform: A Comprehensive Solution

Highnote's revolving credit platform is built on the same modern architecture as its debit, prepaid, and charge card products. Leveraging the same core elements, including the advanced general ledger and developer-first APIs, it incorporates critical functions necessary for a unified credit product.

Key capabilities of Highnote's revolving credit platform include:

- Collaborative Application Decisioning: Highnote empowers customers to integrate their credit decision-making seamlessly into the application process. This provides them with full control and flexibility to modify credit policies and make more informed underwriting decisions.

- Powerful Account Aging Simulation: Fintechs and brands can simulate different payment scenarios to understand how billing statements and account statuses are impacted over time. Customers can also calculate interest and minimum payments for past-due accounts through simulations.

- Flexible Configuration: Highnote's platform allows customers to configure credit policies with control and flexibility, adapting them to transaction types, individual credit risks, and regulatory requirements.

- Support for Advanced Loan Servicing and Management: Highnote's experienced team oversees the operational aspects of managing credit card accounts, including recurring payment schedules, ACH repayments, and the sale and purchase of receivables. They collaborate with customers to optimize credit card programs strategically.

- Credit-Specific Program Management: Highnote's specialized teams guide customers through the onboarding process, offering valuable insights into credit-specific requirements.

Pioneering How the World Pays

Highnote's expansion into the world of consumer revolving credit card products is not just a milestone for the company but also a significant leap forward for the fintech industry as a whole. As fintechs, brands, and banks seek to stay ahead in this dynamic landscape, Highnote is poised to be their partner of choice, providing the tools and solutions needed to deliver exceptional credit experiences to their customers. This expansion represents just the beginning of an exciting journey towards a more innovative, flexible, and customer-centric approach to credit services. Highnote is excited to be at the forefront of this transformation, pioneering how the world pays.

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