Collaboration with EXL & Skeps Supports Seamless Integration with Merchant Partner Online and Brick-and-Mortar Stores
First National Bank of Omaha (FNBO) announced the launch of a breakthrough new buy-now-pay-later (BNPL) solution, which will allow merchant partners to offer their customers the option to make purchases and pay for them at a future date. To develop this full suite of point-of-sale financing solutions covering loans ranging from a few weeks to as long as 10 years, FNBO worked with EXL, a leading operations management and analytics company, and Skeps, a next generation point-of-sale (POS) loan originations platform, to build a quick and seamless integration with merchant partner online and brick-and-mortar stores.
“We’ve combined proprietary data sources, best-of-breed analytics, our digital capabilities for loan origination and servicing along with the scale and expertise of a world class lending institution to quickly deliver a complete BNPL solution”
“BNPL represents the future of retail, allowing consumers to make purchases using more accessible monthly installment payment plans,” said Jerry J. O’Flanagan, Executive Vice President of the Partner Customer Segment at FNBO. “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.”
The FNBO BNPL solution is integrated directly into partner ecommerce websites and through QR codes and text for credit into partner’s brick-and-mortar locations to provide consumers with an option to purchase items immediately via an installment payment plan. FNBO was able to leverage the offering from EXL and Skeps for credit strategy execution, pre-approvals, back-end technology integration with merchant partner websites, fraud prevention, and know-your-customer (KYC) checks as well as loan servicing functions including digital payment assistance.
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“We’ve combined proprietary data sources, best-of-breed analytics, our digital capabilities for loan origination and servicing along with the scale and expertise of a world class lending institution to quickly deliver a complete BNPL solution,” said Vivek Jetley, EVP and Global Head of Analytics at EXL. “With the BNPL marketplace expected to grow by 40%+ this year, we are proud to have fast tracked our client’s journey to offer affordable payment solutions to their end-consumers and look forward to continued expansion of this capability.”
“This latest partnership is another example of the power of Skeps to bring an unparalleled customer experience to credit solutions for merchant and lenders’ customers,” said Tushar Srivastava, CEO of Skeps. “By partnering with FNBO and EXL, Skeps technology allows banks to compete with Fintech firms by offering their branded credit solutions, such as buy-now-pay-later or co-branded cards, directly at the point of sale.”
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