Following this announcement, credit card issuers that process with the legacy Co-op Solutions will be given the possibility to offer their cardholders a new Buy Now, Pay Later (BNPL) option from PSCU/Co-op Solutions. The new BNPL service was developed in order to optimise the manner in which clients and customers of the legacy Co-op ecosystem develop.
The company represents a payment credit union tool organisation (CUSO) and an integrated financial technology service provider. PSCU/Co-op Solutions combined into a single enterprise at the beginning of January 2024, and it represents a multiyear procedure of integration operations. The combined company is expected to deliver the Buy Now, Pay Later solution for users of the legacy PSCU organisation.
Throughout this agreement, cardholders whose credit unions sign up for the new service will be enabled to choose qualifying transactions in order to pay back, like a term loan. By using the BNPL tool, multiple offers and capabilities will be presented to cardholders through their credit union’s mobile application or online banking, while the participation process remains simple. In addition, cardholders do not need to complete a loan application to benefit from Buy Now, Pay Later.
The service was launched at a time when millions of customers have used BNPL, as the payment method appeals to financial institutions as much as clients. Buy Now, Pay Later was designed to serve as an important revenue stream and to attract younger customers.
At the same time, the new Buy Now, Pay Later solution has many customised components and features based on the credit union’s needs and demands. At the same time, issuers will be enabled to choose components from fees and APRs to transaction limits, as well as the duration of repayment windows.
The BNPL service will provide front-end and back-end touchpoints that improve its performance and the overall member experience. The legacy Co-op’s management tool will determine transaction and member eligibility, as the Co-op Developer Portal will simplify the manner in which credit unions integrate BNPL with their digital banking experiences. All of the reporting and analytics for Buy Now, Pay Later flows through the legacy of the Co-op Insights Center, while member support will be allowed through the use of Co-op Springboard, available on the Co-op Contact Center.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now