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SolarisBank and American Express team on installment payment loans

SolarisBank and American Express team on installment payment loans

Germany's solarisBank and American Express have come together to create a new installment payment option for card payments of €300 or more.

The new service, dubbed Splitipay, will go live in a pilot phase in July and will be available to all German holders of a personal American Express Card in the course of 2020.

Under the arrangement, solarisBank provides the necessary loans as well as the technology for the product, while American Express provides the user interface via an API.

Cardholders sign up for the credit agreement completely online.

The personal credit line can be backdated and used against all purchases made within the previous 90 days.

"We collaborated with American Express on the development of Splitpay to offer customers an extremely simple, convenient and fast installment product," says Roland Folz, CEO of solarisBank. "We are proud that we were able to launch this cutting-edge product with a global powerhouse such as American Express in just six months from development to release. It shows that we are following through on our vision of contextual banking, where financial products are seamlessly integrated into the products of others."

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