The First National Bank of Omaha launches BNPL

The First National Bank of Omaha (FNBO) on Tuesday, September 21 launched a buy now pay later platform to give its merchant partners the ability to allow customers to buy things and pay for them in the future, i.e. a few weeks later or as up to 10 years from the date of purchase.

FNBO has worked with operations management and analysis company EXL and point-of-sale loan origination service Skeps on the BNPL initiative, which can be used both online and in stores.

“BNPL represents the future of retail, enabling consumers to make purchases using more accessible monthly installment payment plans,” said Jerry J. O’Flanagan, executive vice-president of the partner-client segment at FNBO, in the company announcement. “By working with EXL and Skeps, we were able to design a BNPL solution that quickly and seamlessly integrates into merchant partner workflows, providing consumers with [with] a variety of convenient point-of-sale financing options with instant processing and loan approval backed by FNBO.

FNBO’s BNPL platform integrates with partner e-commerce sites as well as QR codes and texts in customers’ physical stores. The partnership brings together credit strategy execution, pre-approvals, back-end technology integration, fraud prevention, know-your-customer (KYC) checks and loan management functions, including digital payment assistance, in one portal.

“We have combined proprietary data sources, cutting-edge analytics and digital capabilities for loan origination and management, along with the scale and expertise of a world-class lending institution, to quickly deliver a complete BNPL solution ”, said Vivek Pier, EVP and Global Head of Analytics at EXL, in the joint announcement.

Tushar Srivastava, CEO of Skeps, calls the partnership “another example of Skeps’ power in bringing an unparalleled customer experience to credit solutions for merchant and lender customers.”

“By partnering with FNBO and EXL, Skeps technology enables banks to compete with FinTech companies by offering their branded credit solutions, such as immediate purchase, subsequent payment or co-branded cards, directly to the point. sales, ”he added.

Related news: Goldman’s BNPL Play Boosts Consumer Funding, Targets Merchant Growth

Last week, Goldman Sachs announced it was buying specialty lender GreenSky Inc. in a $ 2.2 billion all-stock deal, adding to the recent wave of BNPL acquisitions in the financial sector, including Afterpay Ltd. sold to Square Inc. for $ 29 billion and PayPal. Holdings Inc. acquires the Japanese Payy Inc. for 2.7 billion dollars.



On: Eighty percent of consumers want to use non-traditional payment options like self-service, but only 35 percent were able to use them for their most recent purchases. Today’s Self-Service Shopping Journey, a PYMNTS and Toshiba Collaboration, analyzes more than 2,500 responses to find out how merchants can address availability and perception issues to meet demand for self-service kiosks.

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