First National Bank of Omaha is joining the BNPL goldrush, launching a service which will allow merchant partners to offer their customers the option to make purchases and pay for them at a future date.
The bank has teamed up with operations management and analytics company EXL and POS loan originations outfit Skeps to build a platform for merchant partners both online and in brick-and-mortar stores.
The system is integrated directly into partner ecommerce sites and through QR codes and text for credit into physical locations to provide consumers with an option to purchase items immediately via an instalment payment plan.
The bank says EXL and Skeps help it with credit strategy execution, pre-approvals, back-end technology integration with merchant partner websites, fraud prevention, and KYC checks as well as loan servicing functions including digital payment assistance.
Jerry O’Flanagan, EVP, partner customer segment at First National, says: “By working with EXL and Skeps, we’ve been able to design a BNPL solution that integrates quickly and seamlessly into merchant partner workflows, providing consumers a variety of convenient financing options at the point of sale through instant processing and loan approval backed by FNBO.”