Splitit launches FI-PayLater

Friday 26 April 2024 15:30 CET | News

US-based instalment service Splitit has launched the FI-PayLater solution to provide its merchant network to banks and card issuers aiming to offer instalment plans to customers. 

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.

Splitit has launched the FI-PayLater solution to provide its merchant network to banks and card issuers aiming to offer instalment plans to customers.

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.

Splitit’s development strategy

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:
  • Merged merchant-facing API standard with ecommerce plugins, POS SDK, and single-entry point for multiple instalment programs;

  • Simplified checkout experience developed to optimise sales conversion;

  • Instalment selection at checkout with customisable preferences;

  • AI-enabled waterfall, with dynamic shopper fees, and risk parameters tailored to each financial institution;

  • Embedded network instalment programs such as Visa and Mastercard instalments;

  • Merchant portal that provides reporting, exception management, and parameter setting across all participating issuers;

  • Issuer portal with reporting, transaction research, and plan configuration options.

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.

More: Link

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: financial services, financial institutions, product launch, BNPL, lending, fintech, instalment payments
Categories: Payments & Commerce
Companies: Splitit
Countries: United States
This article is part of category

Payments & Commerce


Discover all the Company news on Splitit and other articles related to Splitit in The Paypers News, Reports, and insights on the payments and fintech industry: