equipifi is a fintech SaaS powering banks and credit unions with split payment capabilities on their existing debit cards
SWBC and equipifi Partner to Bring Debit Card BNPL. (Credit: Patrick Tomasso on Unsplash)
equipifi, a fintech company providing banks and credit unions with a white label Buy Now, Pay Later (BNPL) solution, announced its partnership with SWBC, an international financial services company. Through equipifi, SWBC’s clients will be able to offer BNPL solutions on their digital banking app, helping debit cardholders split their larger purchases into flexible installment loans.
SWBC serves more than 1,400 financial institutions across all 50 states, supporting them in meeting their critical goals. With equipifi, SWBC’s financial institution clients will be able to leverage their existing data and debit cards to extend BNPL offers that are in alignment with their members’ financial goals. They will now have access to a competitive payment product that meets consumer purchase preferences, while increasing the value of their banking experience.
“We are thrilled to work with such an innovative and forward-thinking team who shares our passion for bringing timely solutions to the market,” said Wanita Kaupert, EVP of Product Management for SWBC’s Financial Institution Group. “Cash flow is more critical than ever, especially with so many credit union members experiencing negative wages in the current economic conditions. By partnering with equipifi, we can provide our clients with a solution that offers their members greater purchasing power, while managing their finances more effectively.”
BNPL programs grew 25 percent in transaction value last year and are projected to surpass $100 billion by 2024. According to the Consumer Financial Protection Bureau (CFPB), 89 percent of all repayments in 2020-2021 were made via debit card. By accessing split payments through their existing debit card, members will have more payment flexibility on larger purchases and more visibility of their financial health from their trusted financial institution.
“With the growing adoption of BNPL and the need for payment flexibility, financial institutions are tapping into a key shift in consumer behavior by unlocking split payments on debit cards,” said Bryce Deeney, CEO and cofounder of equipifi. “Working with SWBC, we look forward to mass enabling this powerful acquisition and retention tool for financial institutions and raising the bar for consumer debit cards.”
Source: Company Press Release