Equipifi Partners With Jack Henry to Bring Buy Now, Pay Later to Banks

White-label Software-as-a-Service (SaaS) company Equipifi has teamed with FinTech firm Jack Henry to offer a buy now, pay later (BNPL) tool to community and regional financial institutions (FIs).

Via the partnership, FIs can offer split payments through debit cards using Equipifi’s BNPL solution, according to a Wednesday (Oct. 18) press release. By integrating the technology into the Jack Henry digital banking platform, community and regional FIs can provide their cardholders with the BNPL payment option.

“Leading-edge solutions like BNPL are important when 28% of members are willing to leave their financial institution for better digital banking experiences,” Equipifi CEO Bryce Deeney said in the release. “Having BNPL … ensures that members will have access to their primary financial institution when it matters.”

Jack Henry works with over 950 FinTechs, providing approximately 7,500 financial institutions with financial products and services for their accountholders, the release said.

The news comes two days after Jack Henry launched an anti-money laundering (AML) tool for banks.

The firm’s Financial Crimes Defender is a cloud-native, real-time fraud and AML tool for community and regional FIs. The tool offers live detection and prevention of fraud involving checks, deposits, transfers, ACH transactions and instant payments.

“Fighting fraud with real-time data is the equivalent of catching an intruder at the front door, before they get into the house,” Matt Riley, president of complementary solutions at Jack Henry, said in a Monday (Oct. 16) news release. “Financial Crimes Defender lets financial institutions detect and prevent fraud at first sight, ensuring assets and information remain within the institution. This is a game-changer for community banks and credit unions.”

Many financial institutions are embracing modern tools like artificial intelligence (AI) and machine learning (ML) in their fraud-fighting efforts.

But “just going AI only is sometimes a bit of a too big step for most organizations,” Hawk AI CEO and Co-founder Tobias Schweiger told PYMNTS in September, stressing the need to hold onto some form of the old-school rules-based processes to which organizations have grown accustomed.