Gather Federal Credit Union Introduces Innovative GatherFLEX Payment Option in Hawai'i
Gather Federal Credit Union (Gather FCU), a prominent financial institution based in Hawai'i with assets exceeding $881 million, recently announced the launch of its new financial product, GatherFLEX. This innovative service introduces a Buy Now, Pay Later (BNPL) feature, marking it as the first such offering from a credit union in the state. With over 39,000 members, Gather FCU aims to enhance the financial wellness of its community by delivering greater flexibility for budgeting and purchase management.
The introduction of GatherFLEX comes at a time when citizens are increasingly seeking ways to manage their finances more effectively. According to Justin Ganaden, the Executive Vice President of Gather FCU, this new product allows members to gain greater control over their financial transactions. With GatherFLEX, members will be able to split payments for their debit card purchases over time, making major purchases more accessible and manageable.
Gather FCU has partnered with equipifi, a recognized leader in BNPL platforms tailored for financial institutions, to power this exciting new feature. Members using their debit cards for qualifying purchases can now enjoy the option to defer payments, consequently relieving immediate financial pressure during transactions. Additionally, the pre-purchase feature of GatherFLEX enables members to access extra funds when needed, enhancing their purchasing power.
The technology behind GatherFLEX uses equipifi's platform, which personalizes payment solutions according to individual members' financial situations and aspirations. This ensures that offers are aligned with their specific needs, promoting timely access to additional funds and providing a smoother banking experience. The seamless integration of this feature into Gather FCU's digital banking system greatly enhances user engagement, allowing members to view and accept BNPL offers directly through their banking interface.
Bryce Deeney, CEO and co-founder of equipifi, mentioned that the implementation of BNPL options is critical to supporting consumers in stretching their budgets and attaining their long-term financial objectives. He emphasized that credit unions are swiftly adopting solutions that their members are eager for, and Gather FCU's commitment to launching their BNPL service signifies an important step toward revolutionizing banking experiences for their clientele.
According to forecasts, the BNPL sector is poised for significant growth, with an estimated compound annual growth rate of 25.5% projected in the United States from 2022 to 2026. This indicates a strong consumer demand for flexible payment options in the current financial landscape.
Gather Federal Credit Union has a rich history that dates back to 1954 when a group of pineapple farmers on Kauaʻi came together to create a financial cooperative. They had a vision of improving their families' lives, and this spirit of community continues today, as Gather FCU aims to uplift and support the local economy through its financial services.
Today, Gather FCU serves as a not-for-profit entity providing a comprehensive range of financial products to more than 39,000 member-owners across Kauaʻi and Niʻihau. The introduction of GatherFLEX reinforces their commitment to fostering financial literacy and empowering their members to make informed financial decisions.
For more details on GatherFLEX and to explore its offerings, members are encouraged to visit one of the seven accessible branches or to visit gatherfcu.org. As the landscape of banking continues to evolve, Gather Federal Credit Union is dedicated to ensuring their members are equipped with the necessary tools to achieve financial stability and success through innovative solutions.
The introduction of GatherFLEX comes at a time when citizens are increasingly seeking ways to manage their finances more effectively. According to Justin Ganaden, the Executive Vice President of Gather FCU, this new product allows members to gain greater control over their financial transactions. With GatherFLEX, members will be able to split payments for their debit card purchases over time, making major purchases more accessible and manageable.
Gather FCU has partnered with equipifi, a recognized leader in BNPL platforms tailored for financial institutions, to power this exciting new feature. Members using their debit cards for qualifying purchases can now enjoy the option to defer payments, consequently relieving immediate financial pressure during transactions. Additionally, the pre-purchase feature of GatherFLEX enables members to access extra funds when needed, enhancing their purchasing power.
The technology behind GatherFLEX uses equipifi's platform, which personalizes payment solutions according to individual members' financial situations and aspirations. This ensures that offers are aligned with their specific needs, promoting timely access to additional funds and providing a smoother banking experience. The seamless integration of this feature into Gather FCU's digital banking system greatly enhances user engagement, allowing members to view and accept BNPL offers directly through their banking interface.
Bryce Deeney, CEO and co-founder of equipifi, mentioned that the implementation of BNPL options is critical to supporting consumers in stretching their budgets and attaining their long-term financial objectives. He emphasized that credit unions are swiftly adopting solutions that their members are eager for, and Gather FCU's commitment to launching their BNPL service signifies an important step toward revolutionizing banking experiences for their clientele.
According to forecasts, the BNPL sector is poised for significant growth, with an estimated compound annual growth rate of 25.5% projected in the United States from 2022 to 2026. This indicates a strong consumer demand for flexible payment options in the current financial landscape.
Gather Federal Credit Union has a rich history that dates back to 1954 when a group of pineapple farmers on Kauaʻi came together to create a financial cooperative. They had a vision of improving their families' lives, and this spirit of community continues today, as Gather FCU aims to uplift and support the local economy through its financial services.
Today, Gather FCU serves as a not-for-profit entity providing a comprehensive range of financial products to more than 39,000 member-owners across Kauaʻi and Niʻihau. The introduction of GatherFLEX reinforces their commitment to fostering financial literacy and empowering their members to make informed financial decisions.
For more details on GatherFLEX and to explore its offerings, members are encouraged to visit one of the seven accessible branches or to visit gatherfcu.org. As the landscape of banking continues to evolve, Gather Federal Credit Union is dedicated to ensuring their members are equipped with the necessary tools to achieve financial stability and success through innovative solutions.
Topics Financial Services & Investing）
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