equipifi, the Buy Now, Pay Later (BNPL) platform for financial institutions, announced its partnership with Synergent, a managed services provider and strategic host of Jack Henry Symitar core processing.
As a result of this partnership, Synergent credit unions will be able to launch their own BNPL programs via their digital banking apps, helping members “split their larger purchases into flexible installment loans.”
Synergent has reportedly been providing credit unions with access to the Symitar core processing platform for more than two decades, along with the various “integrated payments and marketing solutions.”
With equipifi, Synergent’s credit union partners will be able to leverage their knowledge of their members to extend BNPL offers in “alignment with their members’ financial needs and goals.”
This will provide members with a payment method that meets their purchase preferences, “drives revenue and engagement, and increases the value of their digital banking experience.”
Rebekah Higgins, Vice President of Strategic Partnerships at Synergent:
“Members are asking for Buy Now, Pay Later options, and equipifi is the right partner for us to be able to offer this critical service to credit unions who already work with Synergent.”
Bryce Deeney, CEO and co-founder of equipifi said:
“We’re excited to partner with Synergent to expand the access of credit union BNPL programs to US consumers, and to further assist financial institutions in providing top-of-wallet solutions to their members.”
BNPL is projected to grow at a compounded “annual rate of 25.5 percent between 2022 and 2026.”
During the past 12 months, equipifi has seen a “750% increase in the number of financial institutions” live on its platform as banks and credit unions across the country prioritize making this “payment option available to their accountholders.”
As noted in the update, equipifi is the Buy Now, Pay Later (BNPL) platform for financial institutions in the US.
This is a white label solution designed to align with “consumer purchase habits, payment preferences, and financial goals.”
The equipifi platform integrates with banking cores and digital banking platforms to deepen cardholder engagement, “grow market share, increase revenue, and provide a single place to view, accept, and manage BNPL plans on their existing banking app.”
Founded by credit unions in 1971, Synergent is a managed services provider that offers “core processing, in-demand payments, technology, and marketing services.”
As a service-driven and cost-effective host of Jack Henry Symitar core processing, Synergent provides credit unions “with the products and services they need to succeed.”