Seattle Bank partners LoanStar for an embedded banking offering

Through this partnership, consumers will be able to gain access to loans from Seattle Bank for high-value transactions directly through the merchant. To make this partnership work, the two entities leveraged Seattle Bank’s scalable, configurable, open-API technology stack, which can enable real-time underwriting and loan fulfilment by integrating new functionality with Finastra. 

Finastra is a provider of financial software applications and marketplaces, and its FusionFabric.cloud open developer platform allows Seattle Bank to integrate with its fintech partners such as LoanStar in a seamless manner. Built on Microsoft Azure, the FusionFabric.cloud Open Banking platform provides several advantages, including improved usability, lower cost of service, and open database architecture in order to provide a better ability to integrate and develop custom solutions. 

As for LoanStar, its technology was designed to link merchants and borrowers through a merchant network that works with several industries. LoanStar officials talked about working with Seattle Bank and revealed their intentions to help expand the bank’s reach through point-of-sale finance. Seattle Bank officials explained how LoanStar can enable its customers to accelerate the speed and convenience of point-of-sale financing while also allowing Seattle Bank to expand its reach to customers nationwide. 

According to ibsintelligence.com, by partnering with LoanStar, Seattle Bank is highlighting its partner banking capabilities as well as its ability to support fintechs, brands, and marketplaces to provide financial solutions within their brand experience.

Finastra’s consumer lending solution

Finastra unveiled its embedded consumer lending solution in July 2022, enabling access to traditional regulated lending options for consumers at point-of-sale (POS). For end consumers, Finastra Embedded Consumer Lending aims to make the buying process as frictionless as possible, providing more options to consumers and an alternative to the Buy Now, Pay Later approach, which is often not applicable to high-value purchases. 

For merchants, the BaaS platform provides access to lenders and their specific products. For financial institutions, Finastra Embedded Consumer Lending offers access to a marketplace of distributors and merchants to distribute their banking products. 

Finastra’s Embedded Consumer Lending exposes APIs on Finastra’s FusionFabric.cloud open platform with which third-party distributors such as LoanStar Technologies may integrate. LoanStar provides the necessary technology to connect lenders to borrowers, creating POS consumer loans through their merchant network in numerous verticals.