SaFi Bank Space : Product: Atome BNPL

Overview

Atome is a provider of BNPL (buy now, pay later) products in the region. The company launched its service in 2022 January with its own iOS and Android apps in PH.
Atome provides both offline and online shopping BNPL services:
- Offline: scanning QR codes in physical stores, using Atome app during checkout → SaFI can integrate into the app
- ~~Online @ Atome: customer can select the merchant and their products in Atome app → SaFI can integrate into the app~~ → this feature is not available as per Atome’s comment from Jun 6th
- Online @ merchant: integrated Atome Payment Gateway at merchants' checkout flow → SaFI should integrate into the app
Integration topics covered here: https://ukovzlazp3.larksuite.com/docx/doxusO2hdOX41CiYNn8ww1qb7Km

Product specs

Atome payments are debit card transfers (no need for additional logic)
- Jul18: we might use ‘direct debit’ instead
- Intention is to create a 'corporate bank account' for Atome in SaFi bank, and we'll transfer the installments from the customers' accounts there. We'll create an API that Atome can call to initiate the payments every time they are due, and we'll let Atome know if the payment was approved or rejected (for example due to lack of funds).
Authentication: Mobile number and SMS OTP used at Atome.

KYC and onboarding

Atome will accept data from SaFI onboarding/KYC process, no additional data collection needed. Confirmed by Atome risk team at 04. Apr.
A Recap page in SaFi app to show what data is shared with Atome is not necessary, as it is part of the consent. Confirmed by SaFI legal team at 04. Apr.
Credit line calculation: Atome will provide the credit line from their own risk engine. SaFi can show this to customers.

Credit line

SaFi app will show Atome’s credit line for each customer
Data received via Atome’s API
Credit line calculation is done by Atome, SaFi credit lines (overdraft, personal loan) are independent.
- In case SaFi customer is delayed with a loan, SaFi could disable BNPL service in its app.

Opened topics

TBD: the responsibility of Collection, workout, customer service?
Newjoiners: no money on account but want to use BNPL already, how to deduct first immediate installment?
[in case of card payment only] Bankcard is created AFTER the account is created. So we probably can’t integrate the card number immediately to Atome.

Tech specs

FE integration via webview (delivered by Atome) no comunication with SaFi BE
BE integration Atome x SaFi sharing info about future installments, so SaFi can display next to other loans' installments.
Onboarding/KYC and credit line calculation is done by AdvancedAI for both parties.

Payment flow