Finastra has announced a partnership with Jifiti to offer financial institutions in the Finastra BaaS (Banking-as-a-Service) ecosystem embedded finance capabilities. Banks will thus be enabled to provide financing offerings to consumers via merchants at point-of-sale, improving both the digital customer experience, as well as the choice range for end users.

In the fast-growing embedded finance space, Buy Now, Pay Later (BNPL) is a key component and financial institutions are enabled through Jifiti’s white-labelled platform to embed financing or split pay offerings in an easy manner at any merchant’s poin-of-sale at scale, be that online, in-store, or via call centre. Financial institutions working with Finastra to power core banking capabilities will benefit from having Jifiti’s platform pre-integrated with Finastra’s systems; the cloud deployment is available via Finastra’s FusionFabric. cloud open development platform.

Finastra officials have stated in their press release that they are looking to complement its BaaS embedded consumer lending proposition and leverage Jifiti’s retail point-of-sale solution to provide financial institutions with a simple way to offer an easy embedded finance offering that has a fully digital-first experience. The partnership further enhances Finastra’s BaaS proposition and marks the company’s commitment in becoming leading financial services orchestrator. Jifiti’s modular platform supports all point-of-sale financing options, such as instalment loans, lined of credit, split payments, and B2B financing; as the platform is white-labelled, financial institutions and merchants alike retain full customer and data ownership.

Speaking on the partnership, Jifiti representatives have stated that they are looking forward towards working with Finastra in helping financial institutions transform their consumer financing programmes and promote their own brands to end users located at any point-of-sale. Jifiti’s aim is that of facilitating financial solutions in a responsible, accessible, and affordable manner, with banks and financial institutions believed to be the future of BNPL. Finastra and Jifiti company mission Finastra is a software applications and marketplaces provider serving institutions of all sizes and providing solutions and services across lending, payments, treasury & capital markets, and universal banking (retail, digital, and commercial banking) for banks.

Through these, banks are enabled to support direct banking relationships and grow through indirect channels, such as embedded finance and Banking as a Service. With an approach towards open finance and collaboration, the company works with approximately 8,600 institutions, including 90 of the world’s top 100 banks. Jifiti is a fintech company powering point-of-sale financing for banks, lenders, and merchants.

The company’s white-labelled Buy Now Pay Later (BNPL) platform provides banks and lenders with the technology required to deploy and scale competitive consumer loan programmes at any merchant's point of sale, be that online, in-store, or via call centre. Having a multi-national presence, Jifiti provides end-to-end point-of-sale financing solutions to brands in any international market, working with financial institutions such as Mastercard, Citizens Bank, CaixaBank, Credit Agricole, and retailers such as IKEA, and Walmart amongst others. .