Peach Finance, the leading modern loan management and servicing technology platform, today announced it is working with Google Cloud to build and deliver AI-driven servicing technology innovations. Peach will apply Google Cloud’s advanced generative AI technology to Peach’s loan management, loan servicing and compliance monitoring capabilities, helping lenders more effectively and efficiently manage and service their lending portfolios.
Peach’s lending technology platform provides lenders with a loan management system, payment processing, borrower portal, CRM, agent portal, reporting, omnichannel communications and compliance monitoring, as well as a Supported Portfolio Migration capability.
Built on Google Cloud, Peach will develop a range of proprietary AI-powered solutions across servicing technology and customer experience—helping lenders drive operational efficiency and stay ahead of the curve. Examples of AI-powered solutions include call transcription, call coaching, smart reply, suggested responses, AI-driven chatbots, case summarization, agent self-service training and help, and additional solutions that will be announced at a later time.
Peach CTO Eran Sandler spoke about the partnership and the potential of AI in lending. “Peach has leveraged Google Cloud from day one, benefiting from Google Cloud’s experience running safe, performant and secure cloud infrastructure. With AI, Google Cloud has applied the same security and safety principles, allowing Peach to securely and safely use AI to enhance our lenders’ capabilities. Lender data will never be used to train Google Cloud AI models, and cannot be accessed by Google Cloud.”
Sandler continued: “At Peach, our promise to lenders is to continually deliver technology that enables them to stay ahead of the curve. That’s why our platform is API-first, fully configurable, and designed to support virtually any asset class—and it’s why delivering the next generation of AI-powered lending technology enhancements is simply the logical next step to enable our clients to thrive in an increasingly AI-driven world.
“AI is accelerating transformation across a broad range of industries, from healthcare to finance,” said Zac Maufe, Head of Regulated Industries, Google Cloud. “Peach has already seen the benefits of using Google Cloud’s secure and scalable cloud technology to build its platform, and by using our advanced AI technology, Peach can drive operational efficiency for its customers with more effective and efficient customer service experiences that are critical to the loan servicing process.”
About Peach Finance
Peach Finance is an API-first lending technology platform powering innovative lending programs for many of today’s leading lenders, including Square, Mission Lane and Remitly. Peach is the only lending platform built on an Adaptive Core™, a new paradigm in loan management helping fintechs and traditional financial institutions quickly launch and confidently scale configurable lending programs. Peach is also the innovator behind the industry’s Supported Portfolio Migration capability.
The company’s fully integrated suite of cloud-native products includes a loan management system that supports virtually any non-mortgage asset class and features 250+ configuration variables; a suite of proprietary servicing tools, including a lending-specific CRM, borrower portal, agent portal, payment processing, communications, reporting and first-party collections tools; and Compliance Guard™, a proprietary compliance monitoring system. Peach’s mission is to improve lives by giving every lender the power to innovate. Learn more at peachfinance.com.
Peach media contact
Crayton Montei
lender’s priority list. But that doesn’t mean compliance is straightforward, even for lenders with the most earnest intentions. Often, legacy infrastructure is the culprit, making it difficult for lenders to take the actions clearly outlined in the law. Even regulations that haven’t changed for some time—like the—still present significant challenges for many lenders.
The SCRA grants active-duty service members the ability to request certain protections during the period of their deployment, enabling them to devote their energy to serving the country. These protections include a reduction in interest rate to a maximum of six percent on any pre-service loans. While the SCRA in its current version has been law since 2003, the number of recent enforcement actions indicates just how difficult it is for many lenders to comply with the SCRA’s interest rate protections.
Blunt tools in the absence of a scalpel
For example, in October of 2022 the Department of Justice (DOJ) announced that the financial leasing arm of GM agreed to pay over $3.5 million to resolve allegations in relation to
Peach’s approach to SCRA
At Peach, we brought real-life lending experience to the design of our platform. So from day one, we recognized the importance of being able to make retroactive changes to loans. (There are numerous applications beyond SCRA, including our Supported Portfolio Migration.) In the case of SCRA, Peach has long enabled lenders to retroactively change interest rates and waive past fees—as separate, manual actions.
Peach’s approach to SCRA
This was functional, but the ideal way to implement SCRA is to make these changes simultaneously. We now support this capability by leveraging the power of Peach's Loan Replay™ engine, which can make changes to the ledger at any time, and then recalculate a loan’s history in light of those changes. The new combined functionality is as user-friendly for your agents as processing a payment.
Peach’s approach to SCRA
Specifically, the new SCRA feature allows your agents to perform the following adjustments simultaneously on a loan of an active-duty service member:
- Lower interest rates to 6% (and lower the recurring payment during the active-duty period to account for the interest rate reduction)
- Waive fees, if necessary
- Enact these changes retroactively, if necessary, and replay the loan history with the rate and fee adjustments
- Preview the intended changes
“We launched our first product on Peach in six weeks. Eighteen months later.”
John Smith, CMO
Our SCRA functionality is available via API as well as through our white-label agent tool. The white-label agent interface can be seen here:
Peach’s approach to SCRA
Our SCRA functionality is available via API as well as through our white-label agent tool. The white-label agent interface can be seen here:
For those working directly with the API, this can be as simple as sending the following request body to the SCRA endpoint:
You’ll receive a response with either the actual post-SCRA adjusted payment plan or a preview of it. Below is a comparison of a payment plan prior to the SCRA adjustment, and the expected payments after the SCRA adjustment. The SCRA period is in effect for the first two months, and thus you will see the interest rates lowered to 6% in the response body (and the recurring amount due lowered by the amount of the interest rate reduction for the two relevant months). The origination fee has also been canceled.
The breadth of loan data needing to be adjusted means that rewriting loan histories requires the right design and abstractions, and having a built-in layer of abstraction to handle retroactive changes is the only feasible approach. Because of our team’s combined experience in the real world of lending, we know that the need to edit past loan events is inevitable. So we’ve designed a system that makes these changes as painless and automated as possible.
