Splitit launches FI-PayLater

By introducing the FI-PayLater solution, Splitit, a card-linked instalment platform supporting merchants and shoppers, intends to deliver its merchant network to banks and card issuers that want to provide instalment plans to customers directly at the merchant checkout. Additionally, FI-PayLater allows financial institutions to connect directly to Splitit, or via their existing card network, to expand lending and fee income from Buy Now, Pay Later (BNPL) use cases.

Currently, the majority of financial institutions face difficulties in providing flexible payment options to their customers during the purchase process, as they tend to focus on post-purchase instalment plans. By utilising this approach, financial institutions are prevented from tapping into the during-purchase BNPL capabilities, mostly dominated by fintech companies. Delivering on-demand flexible payment solutions at the point of sale, BNPL fintech companies are working towards improving the traditional relationship between financial institutions and their customers.

According to Splitit’s officials, the company intends to allow financial institutions to enhance their position in the during-purchase instalment market by presenting offers to their customers at the merchant checkout. Also, enabling them with the ability to pre-fund the merchants and charge the shopper can increase new fee income in the regulated interchange environment. FI-PayLater focuses on allowing financial institutions to tap into the during-purchase BNPL market by providing their existing customers with instalment plans directly at checkout, thus improving their brand presence and offering users more choices from their bank. In addition, the solution aims to support merchants expand their sales through simplified, flexible payment options.

Furthermore, FI-PayLater’s capabilities aim to allow financial institutions to generate fee income from existing relationships, with the solution offering multiple integration options, including direct connections, via payment networks, or integrations through issuer processors. Some of the features of the FI-PayLater service include:

Considering the current environment, where the financial landscape is evolving, FI-PayLater aims to provide capabilities that allow financial institutions with additional features while also meeting the demands of consumers and merchants.

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