Global payments provider Verrency announced on Wednesday the launch of its new product feature “Pay Later.” According to Verrency, the feature enables bank customers to instantly move any regular purchase transaction to a longer-term installment payment plan.
“Consumers can select to pay in multiple installments with a single click before, during, or after a purchase is made. Customers can use their bank’s existing debit or credit card to purchase items as they normally would, and can then move purchases to installments, paying off their purchases over a longer period of time.”
Verrency also noted that the “Pay Later” feature enables the bank to direct their customer to their bank’s own installment account or to work with third-party lending providers that may perform the servicing and/or underwriting. The company added:
“Verrency now gives banks the ability to rapidly turn on a ‘Pay Later’ solution – not only in response to increased competition – but more importantly in a time of austerity when the financial flexibility is desperately needed by consumers. This gives issuing banks and payment processors a real and meaningful opportunity to help their customers when they need it most.”
Verrency describes itself as a global payments innovator that has a mission to put financial institutions back at the center of the innovation. The company noted its payments API platform has been designed to enable financial institutions to innovate more efficiently and effectively through a single connection.