Today’s an exciting day at Peach—we’re launching our Adaptive Core™ offering, and we’ve also got a brand-new logo, visual identity and website.
Our Adaptive Core is an entirely new paradigm in lending that will empower our clients to continually iterate on existing lending products, even at scale, and to launch innovative lending programs with speed and flexibility. Current Peach clients will automatically have access to the full breadth of functionality provided by Peach’s Adaptive Core.
Read more in our press release.
An excerpt from the press release
OAKLAND, Calif.--(BUSINESS WIRE)--Peach Finance, a cloud-native lending technology platform that helps lenders quickly launch and confidently scale lending products, today announced its new Adaptive Core™ offering, a proprietary loan management system designed to give lenders extreme configurability even as their lending programs scale. In addition, Peach today launched a refreshed brand—including a new logo, visual identity and website. The new brand and offering build on the company’s recent momentum, including a partnership with Mission Lane and selection as a launch partner for the Visa Ready for BNPL Program.
“Rigid lending infrastructure is a severe hindrance to many of today’s best-known lenders,” said Eddie Oistacher, Peach Co-Founder and CEO. “And the pace of change in lending is only increasing. To survive and thrive, today’s lenders must have the ability to continually adapt to evolving technologies, trends, regulations and market conditions.”
Oistacher continued: “Peach is the only lending technology platform that allows lenders to be just as flexible at scale as they are at launch. The Adaptive Core is an entirely new paradigm that will empower our clients to continually iterate on existing lending products, even at scale, and to launch innovative lending programs with speed and flexibility. Our product update and refreshed brand are an extension of the same forward-looking approach—rooted in deep industry experience—that has defined Peach since our founding.”
Peach’s lending technology platform comprises a loan management system, an integrated suite of proprietary servicing tools and Compliance Guard™, an automated compliance monitoring system. Peach supports virtually any non-mortgage consumer or business asset class, and gives lenders access to over 250 configuration variables for defining loan behavior. Existing clients will automatically have access to the full breadth of functionality provided by Peach’s Adaptive Core.
Peach’s rebrand features a collaboration with veteran designer Bobby Novoa of Bien Studio and software development agency Volume7.
“Peach is a one-of-a-kind technology innovator with a truly differentiated, best-in-class approach to lending infrastructure,” said Crayton Montei, Peach’s Head of Marketing and Brand. “Its team of leading lending authorities has deep insight into the future of lending, and a compelling vision for...(continue to Business Wire)
About Peach
Peach is a cloud-native lending technology platform that helps fintechs and traditional financial institutions quickly launch new lending programs. Peach is the only lending platform built on an Adaptive Core™. The company’s fully integrated suite of API-based 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 was built by leaders from top fintechs like Affirm, Avant and Prosper, who set out to create the most configurable, robust, compliance-forward and future-proof lending platform in the market. Learn more at peachfinance.com.
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.
