LemFi, the AI-powered international payments platform has launched Send Now, Pay Later (SNPL), a credit-powered remittance product that allows its 2 million+ global customers to use their LemFi credit line to send money home to their families when they need it most. Powering SNPL is LemFi’s Ensemble AI model, which combines multiple data sources to inform credit decisions, including national credit bureaus, open banking data, and the company’s own remittance data, to help determine credit limits and repayment structures. This intelligent system also automatically adjusts depending on the individual customer’s journey and available data points, determining the required data points based on the customer’s circumstances and then offering risk-adjusted credit based on the available data. To access SNPL, LemFi customers are onboarded to LemFi Credit, which gives users access to credit lines ranging from £300 to £1,000, depending on their credit profile and assessment, which is enabled by leveraging open banking technology to evaluate eligibility. This makes it accessible even to recent immigrants who often lack extensive UK credit histories and are excluded from traditional finance services. In addition, LemFi’s platform can recognise international credit histories and employs alternative credit assessment methods that look beyond traditional UK financial records. This allows users to start with smaller credit limits and build their UK credit profile over time while accessing essential financial services. By training models across these diverse datasets, LemFi can predict affordability and repayment likelihood with greater accuracy than traditional scoring approaches while reducing bias that often excludes immigrants from mainstream credit, helping to solve the issue of “credit invisibility” through the application of AI. SNPL will tackle friction points around timing and bank transfers. Its real-time / same-day transfers reduce the time taken by traditional banks by a third and provide a means for its users to support their community despite their cash flow.