Vikar Technologies and Swivel team on account funding for FIs

This partnership between Vikar Technologies and SWIVEL is a major win for retailers who rely on local banks and credit unions for their financing programs. The integration brings real-time payment processing directly into the digital account opening process. For a merchant, this means the friction between a customer getting approved for a loan and actually having the funds available to spend is being eliminated. Historically, the 'funding' phase of a new credit account could take days, leading to abandoned carts or customers changing their minds. By using SWIVEL’s transaction technology, financial institutions can now offer instant account funding. This allows customers to move money from their existing debit cards or bank accounts to a new line of credit immediately. If you use a local or regional lender for your consumer financing, this technology helps them compete with big-tech BNPL providers. It creates a seamless 'apply and buy' experience. You should expect faster transaction times and higher conversion rates at the point of sale as more lenders adopt these integrated digital workflows. The goal is to move the customer from the application phase to the purchase phase in a single sitting without manual back-office delays.

Source: Finextra — Lending

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