Finastra is joining forces with US-based fintech company Jifiti to extend embedded finance capabilities to all financial organisations in its banking as a service (BaaS) ecosystem.
The partnership will enable banks to provide financing offerings to consumers through merchants at point-of-sale, thereby giving end users more options and a better digital customer experience.
It will involve the pre-integration of Jifiti’s platform with Finastra systems. This is said to benefit the financial institutions that work with Finastra for powering core banking capabilities.
Finastra BaaS and orchestration solution management senior director Jeannette Kescenovitz 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 white-labelled platform is said to help financial institutions to integrate financing or split pay options easily at any merchant’s point-of-sale at scale, be it online, in-store, or through call centre.
The modular platform offered by Jifiti supports all types of point-of-sale financing option. These include lines of credit, installment loans, split payments, and B2B financing.
As the platform is white-labelled, financial institutions and merchants can retain full customer and data ownership.
Jifiti CEO and co-founder Yaacov Martin said: “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.”