Germany-based banking platform SolarisBank announced on Thursday it has formed a partnership with American Express for a new installment product, “Splitpay.” SolarisBank reported that for the first time, members of a personal American Express Card in Germany will be able to use an installment option for card payments of €300 or more.
According to SolarisBank, the “Splitpay” product enables American Express cardholders to receive an installment loan for card payments over €300 retrospectively. solarisBank provides the necessary loans as well as the technology for the product.
“To be able to take out an installment loan for card payments above 300 euros made within the past 90 days, American Express Cardmembers receive an individual credit line upon successful completion of a one-time application process with an online identification. Up to this fixed amount, cardholders can then utilize installment loans for individual card payments.”
SolarisBank further explained that for each installment loan, the desired duration can be set individually. With just two clicks, individual installment loans within the granted credit line may be used for further subsequent card payments without requiring repeated signature and identification. Speaking about the collaboration, Roland Folz, CEO of solarisBank, stated:
“We collaborated with American Express on the development of Splitpay to offer customers an extremely simple, convenient and fast installment product.”
Splitpay will go live in a pilot phase in July and will be available to all members of a personal American Express Card in the course of 2020.