#USA #Atlanta #Jack Henry #Splitit #Fintech Integration

Splitit Integrates with Jack Henry's Fintech Network

In a move set to transform how banks offer installment payment options, Splitit has officially joined Jack Henry's Fintech Integration Network (FIN). This integration aligns Splitit, a leader in bank-linked installment payments, with Jack Henry's SilverLake® core banking platform and Banno Digital Platform™, expanding the capabilities of financial institutions in delivering payment flexibility to their customers.

What This Means for Financial Institutions

The integration aims to streamline the payment process for both banks and customers. With Splitit’s white-label platform, financial institutions can now enable their customers to choose embedded installment options directly linked to their debit and demand accounts. This means banks can offer these innovative payment solutions without having to develop new technology or becoming the lender of record. By partnering with Splitit, banks are not only enhancing their service offerings but also creating new revenue streams.

According to industry analyses, every time a customer opts for a third-party Buy Now, Pay Later (BNPL) app, banks lose more than just the loan opportunity; they forfeit transaction visibility and engagement. Splitit's partnership is designed to address this. By seamlessly integrating installment payment solutions, banks can regain valuable customer interactions and strengthen their primary banking relationships.

Enhanced Consumer Experience

Splitit's integration provides a twofold benefit for accountholders: a smooth and personalized payment experience at checkout and post-purchase. Eligible users can select to pay in installments in real-time when making purchases with participating merchants and marketplaces. Once a transaction is completed, the payment is instantly analyzed through Splitit's AI-powered personalization engine, offering users installment plans tailored to their specific transactions within the bank's digital banking interface.

This minimally intrusive approach allows banks to maintain their customer relationships and control over credit policies, ensuring users remain within the secure banking environment they trust. As financial technology evolves, customers increasingly expect their banks to provide contemporary payment solutions like installment payments that are integrated within their existing experiences.

A Vision for the Future of Banking

“Banks and credit unions shouldn't have to watch their most loyal customers leave their financial relationships in search of payment flexibility,” said Ran Landau, Chief Technology Officer of Splitit. He emphasizes the growing consumer demand for these payment options and points out that building an innovative platform capable of keeping pace with such demands can be a daunting task for individual financial institutions.

By integrating with Jack Henry’s extensive resources, Splitit allows banks to deliver cutting-edge payment solutions without derailing their focus from core banking services. This partnership signifies a significant shift in the financial landscape, positioning banks at the forefront of payment innovation, fostering deeper customer engagement, and creating more significant opportunities for generating revenue.

The implication of this integration is profound—not only do banks get to offer innovative and competitive payment solutions, but they also ensure that they play a key role in their customers’ financial journeys, reclaiming the territory that had slowly shifted to third-party fintechs and BNPL providers.

In conclusion, as transaction methods continue to evolve, partnerships like that of Splitit and Jack Henry signify a critical adaptation to meet consumer expectations, enhance service offerings, and ultimately reaffirm the role of traditional banks in a digitally-driven economy. Splitit plans to continue expanding its reach and functionalities to create even more embedded financing solutions, paving the way for the future of payment experiences.