Card-linked instalment payments platform Splitit has launched FI-PayLater for banks and card issuers.
The new service unlocks Splitit's merchant network to financial institutions that want to offer instalment plans to existing customers, directly at the merchant checkout.
Banks around the world have moved to tap into the fast growing BNPL market but, says Splitit, have often struggled to unlock the option during the purchase journey, instead focussing on post-purchase instalment plans.
FI-PayLater promises to change this, enabling banks to become key players in the "during purchase" BNPL market by allowing them to offer their existing customers instalment plans directly at checkout.
FI-PayLater promises turnkey capabilities that enable FIs to generate incremental fee income from existing relationships. There are also several integration options, including direct connections, connections through payment networks, or integration via issuer processors.
Nandan Sheth, CEO, Splitit, says: "By enabling FIs to present compelling instalment offers to their customers at the merchant checkout, we enable FIs to become relevant within the 'during purchase' instalment market.
"Additionally, giving issuers the ability to pre-fund the merchants and charge the shopper driving new fee income in the environment of regulated interchange. We're allowing FIs to capitalize on their inherent advantages of scale, trust, and available credit within the instalment economy."