Finastra partners with Jifiti to deliver embedded financing
By Gloria Methri
Financial services provider Finastra has announced a collaboration with Ohio-based FinTech Jifiti, to extend embedded finance capabilities to all financial institutions in the Finastra BaaS (Banking as a Service) ecosystem.
Banks will now be able to deliver financing offerings to their consumers via merchants at point-of-sale, providing a better digital customer experience for end users.
Buy Now, Pay Later (BNPL) is a key component of the embedded finance space and with Jifiti’s white-labelled platform, banks can easily embed financing or split pay offerings at any merchant’s point-of-sale at scale – online, in-store, and via a call center. Financial institutions that work with Finastra to power core banking capabilities will benefit from the pre-integration of Jifiti’s platform with Finastra’s systems. The simple cloud deployment is available via Finastra’s FusionFabric.cloud open development platform.
“Complementing our BaaS embedded consumer lending proposition, we look forward to leveraging Jifiti’s best-in-class retail point-of-sale solution to give financial institutions a simple way to provide a seamless, embedded finance offering with a fully digital-first experience,” said Jeannette Kescenovitz, Sr. Director Solution Management, BaaS & Orchestration at Finastra. “The move further enhances our BaaS proposition at Finastra and forms part of our commitment to being a leading orchestrator in financial services.”
Jifiti’s modular platform supports every point-of-sale financing option, including installment loans, lines of credit, split payments, and B2B financing. As the platform is white-labelled, financial institutions and merchants retain full customer and data ownership.
“At Jifiti we are committed to facilitating responsible, accessible, and affordable financial solutions, and have always regarded banks and financial institutions as the future of BNPL. We’re excited to be working with Finastra to help financial institutions transform their consumer financing programs and promote their own brands to end users at any point of sale,” stated Yaacov Martin, CEO, and Co-Founder of Jifiti.
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