FinTech: Digital Payment Infrastructure Provider Episode Six Launches BNPL, Or B2B Instalments
Business Now, Pay Later industrializes the conventional buy now, pay later (BNPL) model, strengthening it and making it fit-for-purpose for commercial banks and their customers.
Episode Six (E6) has unveiled “Business Now, Pay Later,” an innovative solution that empowers commercial banks to cater to the financial needs of small and medium-sized enterprises (SMEs) within their business banking channels. This launch comes as a response to the growing demand from SMEs for more adaptable working capital solutions, with 89% of them feeling underserved by their current banks, as highlighted by Capgemini’s 2022 World Payments Report.
Business Now, Pay Later transforms the conventional buy now, pay later (BNPL) model to suit the needs of commercial banks and their SME clients. It presents an opportunity for financial institutions to tap into an underserved market while enhancing their relationships with SMEs. The solution enables banks to offer installment loans at various stages of the buying journey, providing flexibility in payment methods and repayment options, all managed through the bank’s configurations. (Businesswire)
John Mitchell, CEO and Co-Founder of E6, emphasized the critical role of SMEs in economies and the importance of working capital for their survival. He noted that banks are uniquely positioned to address this need and that E6 is facilitating this by offering a turnkey solution for tailored installment products through their business banking channels. This not only benefits SMEs but also strengthens banks’ balance sheets and creates new revenue streams.
Episode Six’s TRITIUM® platform, a flexible, cloud-native solution, allows banks to integrate products like Business Now, Pay Later seamlessly without disrupting their existing infrastructures. This approach aligns with E6’s modernization strategy, enabling banks to bring new products to market swiftly without significant system overhauls.
This launch marks another step in E6’s mission to provide cutting-edge payment processing and digital ledger infrastructure to banks and companies worldwide, ensuring they remain competitive in the ever-evolving financial landscape.
Related Story: Splitit And Visa To Partner On A BNPL Solution
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