Splitit and Jack Henry Team to Help Banks Compete With BNPL

Local and regional banks are finally getting a way to compete with major BNPL providers like Affirm and Klarna. This partnership between Splitit and Jack Henry integrates installment payment tech directly into the banking platforms many smaller institutions already use. For retailers, this is a significant win. It means you may soon be able to offer branded installment plans backed by your customers' own trusted banks rather than a third-party fintech app. The integration uses a 'card-based' installment model. This allows shoppers to use their existing credit lines at your checkout without needing to apply for new credit or undergo a hard credit check. Because it works through the bank's existing infrastructure, it lowers the barrier to entry for shoppers who are hesitant to sign up for new financing apps. For merchants, this could lead to higher conversion rates and larger average order values from a more credit-worthy demographic. It effectively turns a customer's existing bank card into a versatile financing tool at your point of sale.

Source: PYMNTS

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