equipifi collaborates with Jack Henry to unlock Buy Now, Pay Later from banks and credit unions
- Community and regional financial institutions can now offer split payments through the Jack Henry digital banking platform, providing a seamless banking experience.
- BNPL is anticipated to grow at a compound annual growth rate of 26 percent from 2023 to 2030, presenting an opportunity for financial institutions to stay competitive.
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Community and regional financial institutions can now offer split payments on their digital banking
equipifi leveraged the Banno Digital Toolkit™, the same set of APIs the Banno Digital Platform™ is built on, to embed its technology into the digital experiences offered by community and regional financial institutions. 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."
"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."
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.
About Jack Henry & Associates, Inc. ®
Jack Henry™ (Nasdaq: JKHY) is a well-rounded financial technology company that strengthens connections between financial institutions and the people and businesses they serve. We are an S&P 500 company that prioritizes openness, collaboration, and user centricity – offering banks and credit unions a vibrant ecosystem of internally developed modern capabilities as well as the ability to integrate with leading fintechs. For more than 47 years, Jack Henry has provided technology solutions to enable clients to innovate faster, strategically differentiate, and successfully compete while serving the evolving needs of their accountholders. We empower approximately 7,500 clients with people-inspired innovation, personal service, and insight-driven solutions that help reduce the barriers to financial health. Additional information is available at http://www.jackhenry.com.
About equipifi
equipifi is a fintech SaaS powering banks and credit unions with Buy Now, Pay Later (BNPL) solutions that align with their customers' financial goals. The equipifi platform seamlessly integrates with financial institutions to help them deepen customer engagement, grow market share, increase revenue, and provide a single place to view, accept, and manage BNPL plans on their existing banking app. For more information, please visit www.equipifi.com.
About Capitol Credit Union
Capitol Credit Union ranks as one of the Top 10 Best Credit Unions in
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SOURCE equipifi
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