Verrency has added an instalment lending feature on its payment innovation API platform for banks and card issuing processors.
The new ‘Pay Later’ will enable customers to pay their regular purchases in multiple instalments.
Go deeper with GlobalData
To avail the service, customers can shop using their bank’s existing debit or credit card and then move the purchases to the longer-term instalment plan.
The Pay Later feature directs the customer to their respective bank’s instalment account. However, the bank can also work with third party lending providers for the service.
BayPay Forum, an industry body focused on innovation in payments, appreciated the launch of Pay Later feature.
BayPay Forum founder and head Daniel Chatelain said: “Verrency has cracked the code – for banks, they have eliminated the need to build a platform and the cumbersome merchant onboarding; for consumers they are offering the ultimate flexibility to choose when and how they want to make payment… even for a previous transaction.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData“And importantly, they enable banks to more easily launch ‘Buy Now Pay Later’ for their own customers.”
Verrency focuses on payment innovation. Its API platform allows issuers to deliver value-added services without altering the existing payments infrastructure.
