Financial Center First Credit Union in Indianapolis launched a Buy Now, Pay Later (BNPL) solution for members, becoming the first credit union in Indiana to offer the service in-house, according to the credit union.
Powered by the Scottsdale, Ariz.-based fintech equipifi, the solution allows members to split eligible purchases into installment payments through Financial Center's digital banking platform. The credit union said members can access pre-qualified offers and receive funds before making a purchase.
Financial Center said the in-house offering is intended to give members an alternative to third-party BNPL providers while keeping the lending experience within the credit union's digital banking platform.
"We're seeing more and more people turn to quick-fix payment options that don't always have their best interests in mind," Kyle Endres, vice president of communications for Financial Center, said. "As a credit union, we have a responsibility to offer something better. This is about giving our members flexibility without the trade-offs that often come with outside lenders."
Financial Center said its BNPL solution does not include hard credit pulls or prepayment penalties, and keeps the lending experience within the credit union rather than through a third-party provider.
The program launched to approximately 11,000 members this month.
"Financial Center is setting the standard for responsible Buy Now, Pay Later and putting members in control of their spending with the transparency and guidance they deserve," Bryce Deeney, founder and CEO of equipifi, said. "By offering Buy Now, Pay Later in-house with trusted services and personalized support, Financial Center ensures members always know where they stand financially, helping them meet present needs while building toward a stronger future."
Financial Center has $940 million in assets and has more 60,000 members in the Indianapolis, Kokomo and Muncie, Ind., areas. equipifi was founded in 2021 and provides BNPL technology for financial institutions.
Joyce Moed can be reached at joyce.moed@arc-network.com.
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