Affirm has joined forces with FIS to bring integrated BNPL capabilities directly to debit card issuers.
The move will enable FIS debit processing bank clients to integrate Affirm’s pay-over-time capabilities directly into their existing debit card programmes via their digital banking and mobile app platforms.
Participating FIS debit processing banks will be able to offer their eligible customers biweekly and monthly payment plans through their existing debit cards.
Additionally, these banks can unlock merchant-funded financing offers - including 0% APRs, longer payment terms, and higher credit limits - from over 335,000 Affirm merchant partners for their debit cardholders. Affirm will manage underwriting and servicing.
Jim Johnson, co-president, banking solutions, FIS, says: "This new programme will deliver Affirm’s leading-edge technology, flexible and transparent payment options, and extensive merchant network to our banking clients, enabling them to continue meeting these needs and offer more competitive, differentiated services through their own banking channels."
Wayne Pommen, chief revenue officer, Affirm, adds: "Millions of consumers prefer using a debit card from their trusted financial institution, and we believe they should have easy access to exceptional credit options through their preferred payment method. That’s why, for the first time, we’re bringing Affirm's proprietary underwriting technology and full suite of pay-over-time solutions to third party issuers in partnership with FIS."