First National Bank of Omaha Launches Buy Now, Pay Later Solution for Partners to Offer Flexible Point-of-Sale Financing Options
OMAHA, Neb. & NEW YORK–(COMMERCIAL THREAD) – The First National Bank of Omaha (FNBO) today announced the launch of a revolutionary new Buy It Now and Pay Later (BNPL) solution, which will allow merchant partners to offer their customers the ability to make purchases and pay for them at a future date. To develop this full range of point-of-sale financing solutions covering loans ranging from a few weeks to 10 years, FNBO worked with EXL, a leading operations management and analysis company, and Skeps, a point of Sales loan origination (POS) platform, to build fast and seamless integration with online and physical stores of merchant partners.
“BNPL represents the future of retail, enabling consumers to make purchases using more accessible monthly installment payment plans,” said Jerry J. O’Flanagan, executive vice president of client partner segment at FNBO. “By working with EXL and Skeps, we were able to design a BNPL solution that quickly and seamlessly integrates into merchant partner workflows, providing consumers with a variety of convenient point-of-sale financing options through instant processing and loan approval backed by FNBO. ”
The FNBO BNPL solution is integrated directly with partner e-commerce websites and via QR codes and text for credit in partner physical locations to provide consumers with the ability to purchase items immediately through an installment payment plan. . FNBO was able to leverage the offerings of EXL and Skeps for credit strategy execution, pre-approvals, back-end technology integration with merchant partner websites, prevention of fraud and Know Your Customer (KYC) checks as well as loan service functions including digital payment assistance.
“We have combined proprietary data sources, cutting-edge analytics, our digital capabilities for loan origination and servicing, and the scale and expertise of a world-class lending institution to rapidly deliver a BNPL solution. complete, ”said Vivek Jetley, executive vice president. and Global Head of Analytics at EXL. “With the BNPL marketplace expected to grow by over 40% this year, we are proud to have accelerated our clients’ journey to deliver affordable payment solutions to their end consumers and we look forward to continuing to expand this. capacity. ”
“This latest partnership is another example of Skeps’ power in bringing an unparalleled customer experience to credit solutions for merchant and lender customers,” said Tushar Srivastava, CEO of Skeps. “By partnering with FNBO and EXL, Skeps technology allows banks to compete with Fintech companies by offering their branded credit solutions, such as buy-now-pay-ulter or co-branded cards , directly at the point of sale. ”
For more information on the FNBO BNPL solution, visit fnbo.com/bnpl/buy-now-pay-later.html.
ABOUT OMAHA’S FIRST NATIONAL BANK
First National Bank of Omaha is a subsidiary of First National of Nebraska. First National of Nebraska and its affiliates have over $ 24 billion in assets and nearly 5,000 associated employees. The main banking offices are located in Nebraska, Colorado, Illinois, Iowa, Kansas, South Dakota and Texas. FNBO is also one of the leading issuers of co-branded credit cards and unsecured personal loans nationwide. FNBO was one of the first banks in the United States to issue a credit card and played a key role in crucial innovations in the credit card industry. Learn more at fnbo.com and connect with us on Facebook, Twitter and Instagram.
EXL (NASDAQ: EXLS) is a leading operations management and analysis company that helps our clients create and grow sustainable businesses. By orchestrating our domain expertise, data, analytics and digital technology, we deepen the design and management of agile, customer-centric operating models to improve global operations, increase profitability, ” improve customer satisfaction, increase data-driven insight and manage risk and compliance. . Based in New York, EXL has approximately 33,000 professionals across the United States, United Kingdom, Europe, India, Philippines, Colombia, Canada, Australia and South Africa. EXL serves clients in many industries including insurance, healthcare, banking and financial services, utilities, travel, transportation and logistics, media and retail, among others. For more information, visit www.exlservice.com.
Skeps is a modular suite of products that can be used by merchants or lenders to help identify potential credit solutions for their customers with the highest likelihood of conversion. Skeps products can be native to the customer environment and provide access to rich data that can be used to deliver highly personalized customer offerings while adhering to privacy guidelines. Skeps’ private blockchain technology enables simultaneous evaluation of multiple financing options, helping to reduce downside and improve the customer experience. The company was founded in 2018 with a head office in the United States and offices in India. Learn more at www.skeps.com.