equipifi®, the leading Buy Now, Pay Later (BNPL) platform for financial institutions, announced its partnership with Synergent®, a managed services provider and strategic host of Jack Henry™ Symitar® core processing. As a result of this partnership, Synergent credit unions will be able to launch their own BNPL programs through their digital banking apps, helping members split their larger purchases into flexible installment loans.
Synergent has been providing credit unions with access to the Symitar® core processing platform for over twenty years, along with integrated payments and marketing solutions. With equipifi, Synergent’s credit union partners will be able to leverage their knowledge of their members to extend BNPL offers in alignment with their members’ financial needs and goals. This will provide members with a competitive payment method that meets their purchase preferences, drives revenue and engagement, and increases the value of their digital banking experience.
“Members are asking for Buy Now, Pay Later options, and equipifi is the right partner for us to be able to offer this critical service to credit unions who already work with Synergent,” shared Rebekah Higgins, Vice President of Strategic Partnerships at Synergent. “We are thrilled to formally partner with equipifi to provide this service to more credit unions and their members.”
“The popularity of credit union BNPL programs is driven by members who prefer to access financial flexibility from an institution they know and trust,” said Bryce Deeney, CEO and co-founder of equipifi. “We’re excited to partner with Synergent to expand the access of credit union BNPL programs to US consumers, and to further assist financial institutions in providing top-of-wallet solutions to their members.”
BNPL is projected to grow at a compounded annual rate of 25.5 percent between 2022 and 2026. Over the past 12 months, equipifi has seen a 750% increase in the number of financial institutions live on its platform as banks and credit unions across the country prioritize making this preferred payment option available to their accountholders.
