Verrency Announces Pay-After Installment Loan Solution

SUNNYVALE, Calif., June 10, 2020 /PRNewswire/ — Global payment innovation company Verrency today announced the launch of a new “Pay Later” product feature on its payment innovation API platform for banks and card issuing processors.

Installment payment solutions (or “Buy Now Pay Later”) are the fastest growing digital payment method in United States, Brazil, Colombia, Australiathe UK and other mature payments markets, with market share expected to grow at a rate of 28% over the next five years, according to PYMNTS.com.

Verrency’s Pay Later feature allows bank customers to instantly transfer any regular purchase transaction to a longer-term installment payment plan. Consumers can choose to pay in installments with a single click before, during or after a purchase. Customers can use their bank’s existing debit or credit card to purchase items as they normally would, and can then shift purchases to installments, paying off their purchases over a longer period.

Verrency’s “Pay Later” feature allows the bank to direct their customer to their own bank’s payout account or work with third-party loan providers who can service and/or underwrite – depending on the customer’s preferences. the bank.

In today’s economic environment, financing options for everyday purchases go a long way to reducing finance charges and helping consumers preserve cash. Until now, installment payment solutions were limited to third parties (“Buy Now Pay Later” providers) who offered installment payments through a limited list of authorized merchants. These solutions generally required the consumer to installation a new account with the “Buy Now, Pay Later” provider and are generally limited to merchants who accept that particular payment method.

Verrency’s “Pay Later” product will significantly accelerate the “Buy Now Pay Later” adoption curve by:

1) Enable issuing banks to lead the way with their own “Pay Later” solution simply linked to their customers’ existing secure accounts, and

2) Enable “Pay Later” installment payments for all transactions at any merchant in the world.

“Verrency has cracked the code – for banks, they’ve eliminated the need to build a platform and the burden of merchant onboarding; for consumers, they provide the ultimate flexibility to choose when and how they want to transact. payment… even for a previous transaction. And most importantly, they make it easier for banks to launch “Buy now, pay later” for their own customers,” says Daniel ChatelainFounder and Director of the BayPay Forum, a long-standing Silicon Valley-based global industry body focused on payments innovation.

Banks have been slow to develop such solutions in-house, in part because of the high cost of modifying existing payment systems, leaving the market wide open to upstarts who see the popularity of installment payments explode among all age groups, but particularly among the younger generation who seem to prefer a known fixed payment and duration.

Verrency now gives banks the ability to quickly activate a “Pay Later” solution – not only in response to increased competition – but especially in times of austerity where financial flexibility is desperately needed by consumers. This gives issuing banks and payment processors a real and meaningful opportunity to help their customers when they need it most.

About Verncy

Verrency puts financial institutions back at the center of innovation. Verrency’s Modern Issuance Innovation Overlay API Platform helps issuers better engage their customers by quickly and easily providing a range of value-added services without changing existing issuance payment infrastructure or need to integrate with merchant point-of-sale systems. Verrency also enables connection to third-party services through its extensive FinTech ecosystem with minimal integration effort. For more information, visit www.verrency.com.

SOURCE Verncy

Related links

http://www.verrency.com

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