Dock, an innovator in payments and digital finance infrastructure across Latin America (LatAm), has launched Responsible Credit Solutions on its proprietary Dock One platform. These solutions enable businesses to offer an array of flexible, customisable credit and loan products to their customers. All in a way that encourages responsible financial decision-making.
Dock’s Responsible Credit Solutions offer open lines of credit that can be used for any purpose. In addition to this, they can be used for specific purchases too. These offerings enable Dock’s clients to provide end-users with customisable payment instalment options. In turn, this allows them to choose whether they would like to pay weekly, biweekly or monthly, among other timeframes.
The LatAm paytech’s solutions are designed to be accessible to the contemporary worker. They can be particularly helpful for wage earners in the gig economy. Or alternatively, small entrepreneurs who do not receive salaries on a predictable schedule.
“True financial inclusion cannot happen without access to credit. However, sustainable credit requires financial education so people can make thoughtful choices,” said Antonio Soares, chief executive officer at Dock. “Customisable instalment options that are presented as transparently as possible make it easier for people to budget and understand expenses. This makes an enormous difference in people’s lives, particularly in countries with lower levels of financial literacy.”
A joint responsibility
Dock’s Responsible Credit Solutions is built to encourage a change of mindset, leading all involved – lenders and consumers – to think more critically about their role in the sustainable credit ecosystem and about indebtedness.
The solutions will allow Dock’s clients to include a financial education journey embedded into their products. These will provide end users with information so that they are well-positioned to make informed and reasonable financial decisions.
Companies using Dock’s solutions have the option to require customers applying for a purchase-specific credit line to make their first payment at the time of purchase. Furthermore, by ensuring customers make an immediate payment, this feature can reduce emotional purchases. Not only that, it deters customers from securing a debt that they may be unable to pay off.
“We’ll continue to improve our credit offerings and launch new ones in the months and years ahead as we work with businesses across Latin America to deliver financial products that meet the evolving needs of customers and societies,” said Soares. “Our solutions will aim to empower more consumers with access to credit, in a sustainable way, increasing their purchasing power and supporting true financial inclusion and broader economic growth.”
Dock’s new credit offerings are part of its proprietary Dock One platform. Built off decades of experience providing digital finance infrastructure, Dock One brings together:
- card issuing
- digital banking
- credit, risk
- acquiring solutions
As a result, this accelerates the ability of companies to offer innovative services to their customers. Lastly, with Dock’s APIs, clients can use the same technology stack in any country they are operating.