White-label SaaS company equipifi has partnered with Associated Credit Union of Texas to enable credit unions on banking cores to provide Buy Now, Pay Later (BNPL) services. The announcement details that since its 2021 founding, equipifi has been in talks with credit unions in regard to unlocking BNPL for their membership.

Powered by integrations with major core and digital banking platforms, ACU of Texas is one of the credit unions collaborating with equipifi to launch BNPL in 2023. As per the press release information, following this partnership, members of ACU of Texas are enabled to leverage BNPL as a payment method via their existing debit cards. BNPL and how the partnership falls into place Based on the information provided in the announcement, credit union-led BNPL solutions come as a response to the 70% of BNPL US-based users who stated that they would have preferred a BNPL solution offered by their primary financial institution.

The coming surge of credit union BNPL is believed to be well-received if taking into consideration the increasing concern related to missing guardrails for consumer safety and financial wellness. Following this collaboration, credit unions are enabled to determine eligibility by leveraging data from the banking core and present BNPL offers to debit cardholders within their existing digital banking app. From that point onward, the offers can be viewed and accepted within a matter of seconds.

When commenting on the announcement, Clay Franks, President of ACU of Texas stated that by making BNPL available to its members, the company provides increased financial choice when it comes to how their purchases affect their accounts, as well as more flexibility in how payments on said purchases are carried out. Bryce Deeney, CEO and co-founder of equipifi added that the entry of credit union-led BNPL solutions could have the potential of changing the industry, which has seen a 25% increase throughout 2022 from third-party solutions alone. As per their statement, credit union BNPL on the debit card rail can leverage existing member relationships and knowledge to have the addressable market expanded.

Associated Credit Union of Texas, equipifi offering ACU of Texas is a community credit union that provides financial services to the Greater Houston – Galveston metro areas. Being a state-chartered credit union that is federally insured by the National Credit Union Insurance Fund (NCUIF), ACU of Texas is a not-for-profit organisation that provides these services while also maintaining a strong financial base. A fintech SaaS, equipifi provides banks and credit unions with BNPL solutions that match their customers’ financial goals.

Its platform integrates with financial institutions to enable them to strengthen customer engagement, increase market share and revenue, and provide a single place for viewing, accepting, and managing BNPL plans within their existing banking app. .