equipifi, a white label SaaS company powering financial institutions with split payments on the debit card, announced today that its Buy Now, Pay Later solution is now accessible through the Jack Henry digital banking platform.
equipifi leveraged the Banno Digital Toolkit, the same set of APIs the Banno Digital Platform is built on, to embed its technology into the digital experiences offered by community and regional financial institutions. Access to Jack Henry’s API, design, and authenticated frameworks has enabled equipifi to directly integrate into the digital banking platform providing a seamless banking experience. This integration contributes to Jack Henry’s growing ecosystem of over 950 fintechs, providing approximately 7,500 financial institutions with relevant financial products and services for their accountholders.
“The integration of equipifi BNPL with our Banno Digital Platform was easy and smooth,” said Pierre Cardenas, President and CEO of Capitol Credit Union. “Launching this service allows us to continue providing top-tier digital banking experiences that meet the needs of our members.”
“Leading-edge solutions like BNPL are important when 28 percent of members are willing to leave their financial institution for better digital banking experiences,” said Bryce Deeney, equipifi’s cofounder and CEO. “Having BNPL via the Banno Digital Platform ensures that members will have access to their primary financial institution when it matters.”
BNPL is anticipated to grow at a compound annual growth rate of 26 percent from 2023 to 2030. As third-party BNPL providers roll out their own debit card products, banks and credit unions face challenges maintaining wallet share as well as direct deposit relationships. By unlocking split payment capabilities on the banking app, equipifi sets up community and regional financial institutions with their cardholders’ preferred payment option, as well as a viable way to stay competitive.