Erste National Bank of Omaha introduces the “Buy Now, Pay Later” solution, which enables partners to offer flexible financing options at the point of sale
OMAHA, Neb. & NEW YORK – (BUSINESS WIRE) – First National Bank of Omaha (FNBO) today announced the launch of a groundbreaking new buy-now-pay-later (BNPL) solution that enables trading partners to enable their customers to make and purchase purchases pay a future date. To develop this full range of point-of-sale financing solutions, covering loans from a few weeks to 10 years, FNBO partnered with EXL, a leader in operations management and analysis, and Skeps, a point-of-sale of the next Generation, worked together. Sale (POS) lending platform to build fast and seamless integration with retail partners online and brick-and-mortar stores.
“BNPL represents the future of retail and enables consumers to make purchases through more accessible monthly installment plans,” said Jerry J. O’Flanagan, executive vice president of the Partner Customer Segment at FNBO. “By working with EXL and Skeps, we were able to develop a BNPL solution that can be quickly and seamlessly integrated into the workflow of the retailer partners and offers consumers a variety of convenient financing options at the point of sale through immediate processing and credit approval with the support of FNBO . ”
The FNBO BNPL solution is integrated directly into the partners ‘e-commerce websites and into the partners’ stationary locations via QR codes and text for crediting, in order to give consumers the opportunity to buy items immediately via an installment payment plan. FNBO was able to leverage EXL and Skeps’ offering to execute loan strategies, pre-approvals, back-end technology integration with merchant partner websites, fraud prevention and know-your-customer (KYC) checks, and loan service features including digital payment support.
“We have combined proprietary data sources, best-of-breed analytics, our digital lending and servicing skills, and the size and expertise of a world-class financial institution to quickly deploy a complete BNPL solution,” said Vivek Jetley. EVP 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 customers’ journey to providing affordable payment solutions to their end users and look forward to further building that capability.”
“This latest partnership is yet another example of Skeps’ ability to deliver an unparalleled customer experience to credit solutions for merchant and lender customers,” said Tushar Srivastava, CEO of Skeps. “Through the partnership with FNBO and EXL, Skeps technology enables banks to compete with fintech companies by offering their branded credit solutions such as buy-now-payment-later 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
The First National Bank of Omaha is a subsidiary of the First National of Nebraska. First National of Nebraska and its subsidiaries have more than $ 24 billion in assets and nearly 5,000 employees. Primary bank offices are located in Nebraska, Colorado, Illinois, Iowa, Kansas, South Dakota, and Texas. FNBO is also a leading issuer of co-branded credit cards and unsecured personal loans nationally. FNBO was one of the first banks in the US to issue a credit card and has been a major player in key 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 analytics company helping our clients build and grow sustainable businesses. By orchestrating our expertise, data, analytics and digital technologies, we strive deeper to develop and manage agile, customer-centric operating models to improve global operations, increase profitability, increase customer satisfaction, improve data-driven insights and manage risk and compliance. EXL is headquartered in New York and employs around 33,000 people in locations in the USA, Great Britain, Europe, India, the Philippines, Colombia, Canada, Australia and South Africa. EXL serves customers in multiple industries including insurance, healthcare, banking and financial services, utilities, travel, transportation and logistics, media and retail. Further information is available at www.exlservice.com.
Skeps is a modular suite of products that can be used by merchants or lenders to identify the potential credit solutions for their customers with the highest likelihood of conversion. Skeps products can be integrated into the customer environment and provide access to extensive data that can be used to provide highly tailored customer offers, while at the same time adhering to data protection guidelines. Skeps’ private blockchain technology enables multiple funding options to be assessed at the same time, resulting in fewer declines and an improved customer experience. The company was founded in 2018 with headquarters in the USA and offices in India. Learn more at www.skeps.com.