Canopy is excited to announce that today it has enrolled in the @Visa Ready for BNPL program to enable clients to offer BNPL installment payments on cards around the world.

Visa’s portfolio of BNPL solutions includes Visa Installments Solution (VIS), standalone credentials, as well as rails to support efficient B2B settlement. Lenders and merchants leveraging these solutions can expand acceptance, drive conversions, and streamline merchant settlement.

Today’s consumers want flexible payment options — that’s why BNPL has become a $1.6 trillion global opportunity and continues to grow.

“By working together, Canopy’s platform and Visa’s portfolio of solutions empower lenders and the merchants they serve to offer consumers financing that matches their budget,” said Matt Bivons, CEO of Canopy.

“Canopy takes the pain out of servicing BNPL payments while Visa ensures those payments are disbursed instantly and effortlessly,” Bivons continued. “Obtaining an installment loan used to be an uncertain, paper-heavy process that involved filling out forms and waiting for approval. Servicing those loans was far from the tap-and-swipe, mobile-friendly, automated world of today. When BNPL came on the scene a few years ago, banks and other financial services companies discovered it was hard, if not impossible, to service BNPL using legacy installment servicing infrastructure.”

Canopy was created to remove the obstacles created by old, inflexible infrastructure. With Canopy, organizations can launch personalized, transparent, and safer credit and lending products — BNPL is one example — and support those products with world-class servicing in a secure and compliant way.

“Joining Visa’s partner program means our clients gain speed to market with Visa’s collaboration, BNPL expertise, and vast network,” said Bivons. “They’ll launch even faster with the advantage of being able to deliver BNPL payments wherever Visa is accepted — essentially everywhere.”