Finastra, a global provider of financial software applications and marketplaces, and Jifiti, a global fintech company, announced a collaboration “to extend embedded finance capabilities to all financial institutions in the Finastra BaaS (Banking as a Service) ecosystem.”
Banks will be able “to deliver financing offerings to consumers via merchants at point-of-sale, providing a better digital customer experience and choice for end users.”
Buy Now, Pay Later (BNPL) is “a key component of the fast-growing embedded finance space, and with Jifiti’s white-labeled platform financial institutions can easily embed financing or split pay offerings at any merchant’s point-of-sale at scale – online, in-store and via call center.”
Financial institutions that work with Finastra “to power core banking capabilities will benefit from pre-integration of Jifiti’s platform with Finastra’s systems.”
The simple cloud deployment is “available via Finastra’s FusionFabric.cloud open development platform.”
Jeannette Kescenovitz, Sr. Director Solution Management, BaaS & Orchestration at Finastra, said:
“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. The move further enhances our BaaS proposition at Finastra and forms part of our commitment to being a leading orchestrator in financial services.”
Jifiti’s 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 full customer and data ownership.”
Yaacov Martin, CEO and Co-Founder of Jifiti, remarked:
“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. We’re excited to be working with Finastra to help financial institutions transform their consumer financing programs and promote their own brands to end users at any point-of-sale.”
As noted in the update, Jifiti is a fintech company that “powers point-of-sale financing for banks, lenders and merchants.”
The company’s white-labeled Buy Now Pay Later (BNPL) platform “provides banks and lenders with state-of-the-art technology to easily deploy and scale their competitive consumer loan programs at any merchant’s point of sale – online, in-store and via call center.”
With its multi-national presence, Jifiti “provides end-to-end point-of-sale financing solutions to global brands in any international market.” Jifiti works “with financial institutions including Mastercard, Citizens Bank, CaixaBank, Credit Agricole, and retailers such as IKEA, Walmart and others worldwide.”