Card-linked instalment payments platform Splitit has introduced FI-PayLater, designed specifically for banks and card issuers.
This new service allows financial institutions to access Splitit’s extensive merchant network, enabling them to offer instalment plans to customers at the point of sale. While banks globally have sought to engage with the rapidly growing buy now, pay later (BNPL) market, many have faced challenges in providing options during the purchasing process, often focusing instead on post-purchase installment plans.
FI-PayLater aims to transform this dynamic by empowering banks to play a significant role in the “during purchase” BNPL market, allowing them to present instalment plans at checkout to their existing customers. The service offers turnkey capabilities that enable financial institutions to generate additional fee income from their current clientele. It also features multiple integration options, including direct connections, links through payment networks, or integration via issuer processors.
Nandan Sheth, CEO of Splitit, stated, “By enabling financial institutions to present compelling instalment offers to their customers at the merchant checkout, we empower them to become relevant in the ‘during purchase’ instalment market. Additionally, by allowing issuers to pre-fund the merchants and charge the shopper, we are driving new fee income in a regulated interchange environment. This opportunity enables financial institutions to leverage their strengths in scale, trust, and available credit within the instalment economy.”