FintechOS has launched a new offering to allow traditional institutions to create, customise and roll-out their own buy now, pay later (BNPL) products.
The open and low-code offering means that teams at financial institutions can build and edit BNPL and embedded lending products, customer journey and business automation logic in “a single orchestration”, said the systems provider.
“We believe all banks and lenders should be leaning into the BNPL trend as a way of bringing in new generation customers, generating new sources of non-interest revenue via merchant fees, and diversifying the value proposition of their digital current accounts and payment wallets,” said Marcio Spinola, chief product officer at FintechOS.
“However, many institutions are limited by their technology stack and the lack of control afforded to their digital teams,” he said. “Our BNPL offering addresses this problem by allowing traditional providers to create and iterate their own natively embeddable products and journeys - we are putting power into the hands of internal digital makers for the first time.”
The BNPL and embedded lending propositions created can be integrated into existing business administration systems or administered through fully configurable customer and staff portals.
This ensures that the institution can run the complete lifecycle of BNPL lending and servicing in a “highly tailored model”, said the provider.
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