Embedded everything is the 2022 fall mantra.
On Monday, Finastra and Jifiti announced a point of sale Buy Now Pay Later (BNPL) embedded finance partnership for financial institutions.
The partnership will enable banks in the Finastra ecosystem to offer point-of-sale BNPL via merchants through Jifiti.
Jeannette Kescenovitz, Sr. Director of Solution Management, BaaS & Orchestration at Finasta, said the move enhances their BaaS proposition and commitment to being a leading orchestrator in financial services.
“Complementing the recent launch of our BaaS embedded consumer lending proposition, we look forward to leveraging Jifiti’s best-in-class retail point-of-sale solution to give financial institutions a simple way to provide a seamless, embedded finance offering with a fully
digital-first experience,” Kescenovitz said.
A key component of embedded finance
Jifiti called white-labeled BNPL a vital component of the fast-growing embedded finance space that financial institutions can easily use to embed split pay offerings online, in-store, and via call center.
The firm said its modular platform supports every point-of-sale financing option, including installment loans, lines of credit, split payments, and B2B financing. Because the platform is white-labeled, financial institutions and merchants retain total customer and data ownership.
Yaacov Martin, CEO and Co-Founder of Jifiti said they were excited to bring affordable solutions to finstitutions.
“At Jifiti, we’re committed to facilitating responsible, accessible, and affordable financial solutions and have always regarded banks and financial institutions as the future of BNPL,” Martin said. “We’re excited to be working with Finastra to help financial institutions transform their consumer financing programs and promote their brands to end users at any point of sale.”
The firm said that financial institutions that work with Finastra already have a pre-integration of Jifiti’s platform.
Finastra said it is a global provider of financial software applications and marketplaces and launched an open platform called FusionFabric.cloud in 2017. It serves institutions of all
sizes, with services across Lending, Payments, Treasury & Capital Markets, and Universal Banking. It said it has the trust of ~8,600 institutions.
Jifiti point-of-sale financier for banks, lenders, and merchants. Its BNPL platform provides banks and lenders with the technology to deploy and scale their consumer loan programs at any point of sale – online, in-store, and via a call center. Jifiti provides end-to-end point-of-sale financing solutions to global brands. Jifiti works with Mastercard, Citizens Bank, CaixaBank, Credit Agricole, and retailers such as IKEA, Walmart, and others worldwide.