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12:47
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Originally posted by sneef:
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Collin Flotta , Head of Product, Splitit added " Many FIs have expressed a strong desire for this type of solution , and we've responded by delivering it. Our single entry point and extensive network of merchant endpoints make FI-PayLater the easiest and most effective pay-later option for issuers to adopt, integrate, and operate across all consumer touchpoints, allowing us to lead the market and improve the economic model for all involved." Banks hold a natural advantage in the buy now, pay later (BNPL) market due to two key factors; (a) Lower Cost of Capital and (b) Existing Credit Relationships. FIs already have millions of pre-approved customers in the US (over 200 million) . This reduces the burden to underwrite these consumers for new loans, reducing the risk of write-offs and promoting responsible spending. They have 4000 banks and 200m customers in the US alone - hence many pilot banks and an established market to launch into. $$$$ Then they go global. $$$$
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keep in mind that Colin flotta was recruited from fiserv who are owned by Motive Partners. I am sure MP will be talking to mass FIs over the past 6 months. Exciting times.
