FIS integrates Affirm’s BNPL solution into debit card programs

By Gloria Methri

FIS has entered a strategic partnership with Affirm, making the US payment network its integrated pay-over-time provider for debit issuers. Together, FIS and Affirm will deliver a new program that enables FIS banking clients to integrate Affirm’s solution into their existing debit program via their digital banking and mobile app platforms.

This program offers a substantial opportunity for financial institutions to provide a sought-after pay-over-time solution to millions of U.S. consumers who have a debit card.

“Customer conversion and retention have become major priorities for card-issuing banks in our increasingly digitised economy, where consumers have endless options,” said Jim Johnson, co-president of Banking Solutions, FIS. “Consumers today are looking for innovative and user-friendly experiences that give them flexibility and control over their money and optimise how their money is put to work. That is why so many of them choose to pay with Affirm. This new program will deliver Affirm’s leading-edge technology, flexible and transparent payment options, and extensive merchant network to our banking clients, enabling them to continue meeting these needs and offer more competitive, differentiated services through their banking channels.”

When the program launches, participating FIS debit processing banks will be able to offer their eligible customers biweekly and monthly payment plans through the bank’s existing debit card products. Additionally, these banks will have the potential to unlock merchant-funded financing offers – including 0% APRs, longer payment terms, and higher credit limits – from Affirm’s over 335,000 merchant partners for their debit cardholders.

This will enable significantly more consumers to access the benefits of Affirm when paying overtime online and in-store. Affirm will manage underwriting and servicing, seeking to provide a frictionless experience for participating FIS clients and their customers.

“For the first time, we are bringing Affirm’s proprietary underwriting technology and full suite of pay-over-time solutions to third-party issuers in partnership with FIS,” said Wayne Pommen, chief revenue officer of Affirm. “This new program will expand access to Affirm’s wide range of payment options, giving more consumers a responsible way to pay over time. It will also connect them directly to Affirm’s vast and growing merchant network – delivering an even more valuable and differentiated experience.”