According to the press release, the new instalment product is called Splitpay and works for card payments of EUR 300 or more. The service will go live in a pilot phase in July 2020 and will be available to all members of a personal American Express Card in the course of 2020.
Moreover, for the development of Splitpay, solarisBank will provide the necessary loans as well as the technology for the product, while American Express will provide the user interface into which Splitpay is integrated via API. Cardholders will sign up for the credit agreement completely online.
Furthermore, to initiate an instalment loan for card payments above 300 euros, made within the past 90 days, American Express cardholders will receive an individual credit line, upon the successful completion of a one-time application process made through an online identification. Up to this fixed amount, cardholders can then utilise instalment loans for individual card payments, while the desired duration can be set individually for each of them.
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