Finastra Joins Hands with Jifiti to Offer Embedded Finance

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.

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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. 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. 

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.

(Source: The Paypers)