solarisBank

Menu
Are you
ready to pioneer?
Get Started

“solarisBank is the perfect partner for AutoScout24 because we also see ourselves as digital pioneers.”

Ralf Weitz, Vice President Media/New Business

AutoScout24

Rapid Credit

10 Mio

monthly users

45,000

dealer clients

1998

Founded

AutoScout24 needed an in-house credit solution

Cars, even used cars, are a significant financial outlay. For many consumers, financing is a critical part of a purchase decision. By integrating solarisBank Rapid Credit into their platform, AutoScout24 can significantly reduce the barriers to purchase, increasing deals and activity on their platform.
With solarisBank Rapid Credit built into their mobile app, AutoScout24 allows their users to apply for financing and receive a loan decision within minutes. With Rapid Credit, more Autoscout24 users can afford to purchase a vehicle.
solarisBank Rapid Credit also greatly enhances AutoScout24’s data collection capacity, giving them access to anonymized information about the deals made on their platform. With this information, AutoScout24 can increase their engagement with buyers, create further touchpoints with them, and better serve and monetize them. In the future, Autoscout can use this enhanced data to suggest prices to sellers and track their investment on leads more effectively.

Company overview

AutoScout24 is Europe’s largest online car marketplace

Our challenge

Use solarisBank Spark to offer instant loans to AutoScout24’s buyers

The challenge

Develop an instant loan product and risk assessment procedure powerful enough to offer a loan to a consumer right on AutoScout24’s website, reducing customer dropout and eliminating media breaks.

Legal

Simplify and modernize the loan application process, eliminating paperwork and automating risk assessment.

Technical

Create a modern, sophisticated loan interface to supply AutoScout24 users with a rapid loan application and approval process that directly integrates into the existing platform.

Procedural

Develop a risk analysis procedure that can quickly and accurately offer loans to AutoScout24 users without paperwork or processing time.

The challenge

solarisBank had to open up its RESTful API to perform multiple operations on the backend: ✓ Check applicant’s bank data via online banking integration
✓ Assess risk with a Scoring algorithm
✓ Perform a background check
✓ Generate contracts
✓ Run KYC in coordination with IDnow
✓ eSigning

(defn process-message

    all the steps required to:
      - convert readable xml into decoded request to Schufa
      - and decode it back on arrival

    [xml-str]
    (mount/start #'env #'crypto-properties #'crypto)
    (WSSConfig/init)

    (as-> xml-str x
    (sign-msg x env)
    (encode-msg x env)
    (make-request x)
    (decode-response x)))

    (defn schufa-score-for
    Makes the full request with person data and returns the decoded XML as string
    [person]
    (let [req     (payload/credit-assessment-request person)
    xml-str (xml/emit-str req)]

(process-message xml-str)))
def handle_response({:ok, %Error{code: 404}}, score),
do: enqueue_or_timeout(score)
def handle_response({:error, %HTTPoison.Error{reason: :connect_timeout}}, score),
do: enqueue_or_timeout(score)
def handle_response({:error, error = %HTTPoison.Error{}}, _score),
do: raise error
def handle_response({:ok, res = %AccountSnapshot{}}, score) do
person = score.credit |> Repo.preload(:person) |> Map.get(:person)
with  {:ok, person}  <- update_person(res, person),
{:ok, score}   <- update_snapshot(res, score),
{:ok, person}  <- update_score(person),
{:ok, score}   <- update_status(score),
{:ok, _credit} <- update_credit_meta(score),
do: {:ok, %{person: person, score: score}}
end

Introducing instant consumer loans

AutoScout24’s users

Enjoy instant access to credit so they can buy the car they want

AutoScout24

Seamlessly integrates solarisBank Rapid Credit into the AutoScout24 marketplace

solarisBank

Performs compliant loan approval procedures and services behind the scenes in real-time.

AutoScout24's instant loan, powered by solarisBank Rapid Credit

solarisBank's service modules combine to provide AutoScout24 users with instant access to credit.

Account Analysis

solarisBank automatically accesses and analyzes an applicant’s online banking activity for key risk indicators.

E-Signature

E-signature allows previously identified individuals to electronically sign necessary documents for banking purposes or otherwise.

KYC

solarisBank has partnered with IDnow to provide automated KYC where required.

Scoring

solarisBank’s algorhythmic risk analysis dynamically creates a score for each loan applicant.

Transactions

Perform compliant transactions in near real-time.

Umbrella Banking License

German banking license issued by the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin), which can be passported to countries throughout the EEA.

  • Account Analysis

    solarisBank automatically accesses and analyzes an applicant’s online banking activity for key risk indicators.

  • E-Signature

    E-signature allows previously identified individuals to electronically sign necessary documents for banking purposes or otherwise.

  • KYC

    solarisBank has partnered with IDnow to provide automated KYC where required.

  • Scoring

    solarisBank’s algorhythmic risk analysis dynamically creates a score for each loan applicant.

  • Transactions

    Perform compliant transactions in near real-time.

  • Umbrella Banking License

    German banking license issued by the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin), which can be passported to countries throughout the EEA.

“SolarisBank’s integrated API-based approach gives our users quick access to the credit they need.”

Alexander Schuettler, Senior Product Manager, AutoScout24

Results and next steps

solarisBank Spark is helping AutoScout24 gain more insight into their buyers’ needs and enabling more transactions to take place over their platform. Autoscout24 has completed the Spark integration into their mobile app and is steadily rolling out the feature to more and more users. As next steps, Autoscout24 plans to offer Spark-supported financing across multiple devices, including desktop computers. Further in the future, Autoscout is considering developing a mobile app product that they can offer their partners at automotive resellers, allowing salespeople to offer instant loans to qualified individuals right on the lot. The easy access to credit enabled by solarisBank Spark frees customers to purchase the car they really want and creates opportunities for dealerships to increase sales.

Discover more case studies