The new Momentum by Tower embedded lending solution enables local businesses to provide financing options direct to their customers, the companies said in a Wednesday (Jan. 17) press release.
Designed for Tennessee’s medical community, Momentum by Tower allows patients to finance their medical and dental procedures at the point of service, according to the release.
With this lending solution built with the FintechOS platform, the Tower team can define different types of loan products using a flexible decisioning engine, run customer credit checks in real time using prebuilt ecosystem connectors, and allow documents to be signed digitally.
Momentum by Tower was enabled by the bank’s adoption of FintechOS’ FinTech enablement platform, which facilitates the integration of new technology with existing legacy systems, the release said.
This collaboration enables Tower to add solutions that adapt to the evolving demands of modern banking customers while integrating with the bank’s core infrastructure, per the release.
Tower and FintechOS are now looking at extending this lending solution to other sectors, according to the release.
“The agility FintechOS provides is invaluable for continuous innovation,” Brett Hollenbeck, director of virtual banking at Tower Community Bank, said in the release.
Ted Blidarus, CEO and co-founder of FintechOS, added: “Our partnership with Tower has empowered them to innovate at pace, giving them the ability to define and update products easily and quickly so that they can respond to changing market conditions, customer preferences and regulations — regardless of their legacy core technologies.”
PYMNTS Intelligence has found that younger patients, who tend to be less financially secure, are more likely to have used a payment plan to pay for medical bills than older generations.
Eleven percent of millennials and 10% of Generation Z patients reported doing so, while just 2% of baby boomers and seniors said the same, according to “Managing Healthcare Costs: How Patients Use Payment Plans,” a PYMNTS and Experian Health collaboration.
In another recent development in this space, patient payments provider LQpay said on Jan. 3 that it introduced a new payment solution for medical and dental practices. The tool combines card-on-file capabilities and a “next-level” implementation of LQpay’s proprietary robotic process automation technology.