In a strategic move to cater to evolving consumer preferences, Blik, the renowned Polish payments company established through an alliance of six major banks in 2015, is stepping into the thriving realm of Buy Now Pay Later (BNPL) with its latest offering, ‘Blik Pay Later.’
To navigate the complexities and inherent risks associated with BNPL services, Blik has forged a crucial partnership with ITSCREDIT, a leading omnichannel platform provider specializing in digitizing credit processes. The primary objective was to develop a robust risk assessment solution capable of accurately gauging credit risk for potential clients, establishing prudent credit limits, managing ongoing portfolio risks, and refining scoring models.
The initial phase involved the seamless integration of ITSCREDIT’s scoring and decision module with Blik’s existing systems, enabling dynamic risk evaluation through sophisticated scoring calculations. Moving into the second phase in Q2 2023, ITSCREDIT is set to introduce advanced scoring model features, enhancing Blik’s ability to monitor model performance, streamline the time-to-market for upgrades, and effectively mitigate credit defaults and losses.
Witold Litaszewski, Head of BNPL at Blik, notes, “Customers’ payment preferences have shifted in recent years. They want to have the flexibility of reviewing the product first and only then fully engaging their funds. At Blik, we are fully aware of these needs, and introducing BNPL functionality is one of our key strategic decisions.”
Blik Pay Later marks a strategic leap for Blik, leveraging the upward trajectory of BNPL services. The collaboration with ITSCREDIT underscores the commitment to developing a robust risk assessment framework, setting the stage for a secure and reliable BNPL experience. This joint initiative reflects the adaptability and innovation essential for the sustained success of BNPL in the ever-evolving landscape of modern payments.
“We are pleased that ITSCREDIT supports us in this project,” expresses Litaszewski. “The software delivered by ITSCREDIT is one of the advantages that will help us gain satisfying market shares in the BNPL industry.