This capability results from equipifi joining the Jack Henry Fintech Integration Network, which helps Jack Henry’s customers deploy third-party products, the companies said in a Thursday (Sept. 4) press release.
The equipifi BNPL platform is designed for financial institutions and enables FIs to quickly launch an in-house BNPL program, according to the release.
“Offering BNPL as a payment method is table stakes for financial institutions that want to stay relevant to consumers,” equipifi Co-founder and CEO Bryce Deeney said in the release.
“Since 2022, equipifi’s BNPL platform has enabled dozens of financial institutions on Jack Henry’s Symitar core to rapidly launch brand-elevating, personalized BNPL programs in-house with minimal internal resources,” Deeney said. “Expanding to SilverLake System opens our BNPL platform to hundreds more financial institutions.”
The PYMNTS Intelligence and Galileo collaboration “Build Now, Not Later: How Banks Can Seize the BNPL Opportunity” found that many financial institutions are beginning to roll out their own BNPL services in response to growing consumer demand for BNPL options.
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The report found that while FinTech companies initially pioneered the BNPL space, traditional banks are rapidly catching up as they can use their infrastructure and customer base to provide secure, integrated BNPL options.
When equipifi partnered with Jack Henry in October 2023 to offer a BNPL tool to community and regional financial institutions, Deeney pointed to PYMNTS Intelligence research that found that 28% of credit union members are willing to switch financial institutions to get a better digital banking experience.
“Having BNPL via the Banno Digital Platform ensures that members will have access to their primary financial institution when it matters,” Deeney said at the time in a press release.
The Jack Henry Fintech Innovation Network, which was formerly known as the Vendor Integration Program until July 1, enables banks and credit unions to access integration across the company’s product offerings and gain more comprehensive solutions, according to the firm’s website.
“Membership in the FIN program is not exclusive, any FinTech who wishes to join the program and meets the requirements can have their integration installed at mutual clients,” the site said.
