Martin Cole
Key Takeaways
– Equipifi and SWBC have partnered to offer a white label Buy Now, Pay Later (BNPL) solution to banks and credit unions.
– This partnership allows SWBC’s clients to provide BNPL options on their digital banking app, giving debit cardholders the ability to split larger purchases into flexible installment loans.
– SWBC serves over 1,400 financial institutions across the United States, making this partnership a significant opportunity for widespread adoption of BNPL programs.
– The popularity of BNPL programs is on the rise, with transaction value expected to exceed $100 billion by 2024.
– By leveraging their existing debit cards, consumers will have more payment flexibility and better visibility of their financial health.
What is Equipifi?
Equipifi is a fintech company that specializes in providing innovative financial solutions to businesses and consumers. They have developed a white label BNPL solution that allows financial institutions to offer flexible installment loans to their customers. By partnering with SWBC, Equipifi aims to expand the reach of their BNPL program and provide consumers with greater purchasing power.
What is SWBC?
SWBC is an international financial services company that serves over 1,400 financial institutions across all 50 states. They offer a wide range of services, including insurance, mortgage, and investment solutions. By partnering with Equipifi, SWBC can now provide their clients with a white label BNPL solution, enhancing their digital banking app and giving their debit cardholders more payment flexibility.
Why is BNPL Growing in Popularity?
Buy Now, Pay Later programs have gained significant popularity in recent years, especially among younger consumers. This payment option allows customers to split their purchases into smaller, interest-free installments, making it more affordable and manageable. BNPL programs also provide consumers with a transparent and convenient way to budget their expenses, as they can see the total cost upfront and plan their payments accordingly.
The Benefits of the Equipifi and SWBC Partnership
The partnership between Equipifi and SWBC brings several benefits to financial institutions and their customers. Firstly, financial institutions can leverage their existing data and debit cards to extend BNPL offers that align with their members’ financial goals. This allows them to provide a personalized and tailored experience to their customers, enhancing customer satisfaction and loyalty.
Secondly, by offering a white label BNPL solution, financial institutions can differentiate themselves in the market and attract new customers. BNPL programs have proven to be a powerful acquisition and retention tool, as they provide consumers with a convenient and flexible payment option. This can help financial institutions stay competitive and increase their market share.
Lastly, the partnership between Equipifi and SWBC enhances the consumer debit card experience. By accessing split payments through their existing debit card, members have more payment flexibility and visibility of their financial health. This can help consumers make more informed financial decisions and manage their expenses effectively.
Conclusion
The partnership between Equipifi and SWBC brings exciting opportunities for financial institutions and their customers. By offering a white label BNPL solution, financial institutions can provide their customers with more payment flexibility and better financial management. This partnership aims to enhance the consumer debit card experience and enable financial institutions to offer a powerful acquisition and retention tool. With the growing popularity of BNPL programs, this partnership is well-positioned to drive widespread adoption and revolutionize the way consumers make purchases.
