Equipifi & Jack Henry team up to bring BNPL to banks
By Delisha Fernandes
Equipifi, a white label SaaS company has partnered with Jack Henry, a FinTech firm to offer a buy now, pay later (BNPL) solution to financial institutions (FIs).
Through this collaboration, financial institutions can offer split payments through debit cards using Equipifi’s BNPL solution, By integrating the technology into the Jack Henry digital banking platform, community and regional FIs can provide their cardholders with the BNPL payment option
“Leading-edge solutions like BNPL are important when 28 percent of members are willing to leave their financial institution for better digital banking experiences,” said Bryce Deeney, equipifi’s cofounder and CEO. “Having BNPL via the Banno Digital Platform ensures that members will have access to their primary financial institution when it matters.”
Access to Jack Henry’s API, design, and authenticated frameworks has enabled equipifi to directly integrate into the digital banking platform providing a seamless banking experience. This integration contributes to Jack Henry’s growing ecosystem of over 950 FinTechs, providing approximately 7,500 financial institutions with relevant financial products and services for their accountholders.
“The integration of equipifi BNPL with our Banno Digital Platform™ was easy and smooth,” said Pierre Cardenas, President and CEO of Capitol Credit Union. “Launching this service allows us to continue providing top-tier digital banking experiences that meet the needs of our members.”
BNPL is anticipated to grow at a compound annual growth rate of 26 percent from 2023 to 2030. As third-party BNPL providers roll out their own debit card products, banks and credit unions face challenges maintaining wallet share as well as direct deposit relationships. By unlocking split payment capabilities on the banking app, equipifi sets up community and regional financial institutions with their cardholders’ preferred payment option, as well as a viable way to stay competitive.
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