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Finastra launches an integrated consumer credit solution

Financial institutions and retail brands benefit from a new integrated finance platform to help consumers access regulated loans at the point of sale, powered by Banking as a Service

LAKE MARY, Florida., June 30, 2022 /PRNewswire/ — Finastra today unveiled its integrated consumer credit solution, enabling access to traditional regulated lending options for consumers at the point of sale (POS). Financial institutions, distributors and merchants will benefit from a platform that allows their customers to easily access lending options.

For end consumers, Finastra Embedded Consumer Lending aims to make the buying process as easy as possible, offering consumers more options and an alternative to the Buy Now Pay Later approach, which is often not applicable to high value purchases. For merchants, the BaaS platform provides access to many lenders and their specific products. And for financial institutions, Finastra Embedded Consumer Lending provides access to a marketplace of distributors and merchants to distribute their banking products.

Jeannette KescenovitzSenior Director, Solution Management, Banking as a Service and Orchestration at Finastra said, “Finastra’s integrated consumer lending solution provides financial institutions with a direct path to growth by offering loans through a merchant’s digital point of sale. The solution establishes connectivity and relationships between financial institutions and distribution organizations that integrate merchant point-of-sale lending solutions. -of-sale.”

Josh WilliamsEVP, Chief Banking Officer of Seattle Bank said“Banking as a service (BaaS) is a critical part of our growth strategy and the integration of consumer point-of-sale lending opens up a new channel to provide financing to customers that we previously could not reach. This cost-effective solution provides consumers with a safer and more regulated alternative to point-of-sale financing.As a trusted partner for many years, Finastra is the ideal orchestrator as we connect and scale our integrated financing.

Finastra’s Embedded Consumer Lending exposes APIs on Finastra’s FusionFabric.cloud open platform with which third-party vendors, such as Loanstar Technologies, can integrate. Loanstar Technologies offers industry-leading technology to connect lenders with borrowers, creating POS consumer loans through their merchant network across many verticals. Andre TurnerCEO of Loanstar Technologies said“Working with Finastra will allow us to grow significantly, providing access to hundreds of financial institutions, like Seattle Bank, across the United States. As a trusted provider of mission-critical financial services software, Finastra will help connect us with the right provider bank to bring in billions of dollars of new liquidity to fund POS loans to our merchant customers.”

Integrated with Finastra’s core lending and origination systems and hosted on Microsoft Azure, the solution enables financial institutions to process loan applications at the point of sale, including identity verification, decision making, facilitation of electronic signature, as well as account creation and funding (through the bank’s central banking system). Using APIs and event notification systems, third-party distributors can provide real-time information to merchants and consumers about loan status.

Notes to Editors
Finastra Embedded Consumer Lending Product Brochure
Finastra Banking as a Service: outlook for 2022 | Paving the way to integrated finance

Previous press releases on this topic:
Finastra partners with Microsoft to bring integrated financing options to thousands of businesses with Banking as a Service

Contact details:

Caroline Duf
Global PR Manager
J +44 (0)7917 613 586
E [email protected]

finastra.com

About Finastra

Finastra is a global provider of financial software applications and marketplaces, and launched the leading open innovation platform, FusionFabric.cloud, in 2017. It serves institutions of all sizes, providing solutions and services awards in the areas of loans, payments, treasury and capital. Markets and Retail & Digital Banking for banks to support direct banking relationships and grow through indirect channels, such as integrated finance and banking as a service. Its pioneering approach and commitment to open finance and collaboration is why it is trusted by around 8,600 institutions, including 90 of the world’s 100 largest banks. For more information, visit finastra.com.

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SOURCEFinastra