Global Embedded Finance Experiences platform, Railsbank, has significantly moved to strengthen its offering with a new white label Buy Now Pay Later (BNPL) credit solution.
The expansion, which will be available in the UK and Germany in 2022, enables retailers to offer an own-branded, integrated BNPL payment journey, as they utilise the Railsbank tech.
Louisa Murray, COO of Railsbank, UK and Europe commented: “Our solution means that the retailer’s customer does not see the BNPL provider’s brand, but the brand from which they are buying.
“We want to remove distractions and allow retailers to maximise engagement with their customers. We believe this is a unique offering in the UK and one that will be very popular to a number of different retail verticals including fashion, homeware, travel and sports.”
She added: “Customers are increasingly reaping the benefit of checkout financing to help them repay over time. This is supported by digital BNPL providers. But, many of them are building consumer brands in their own right.
“They’re incentivised to draw customers away to their own platforms, diluting a retailer’s own purchase journeys and brand loyalty. Customers would rather deal directly with their preferred, trusted brands, rather than being routed to a third-party finance provider.”
It comes at a time when the BNPL payment journey experiences rapid growth as an increasing number of consumers are embracing it for online and retail purchases.
Furthermore, the Railsbank offering seeks to allow retailers to declutter checkout flows, unlock new engagement opportunities during the payment and repayment lifecycle, and link rewards accounts.
Murray continued: “Our mission is to enable businesses to offer deeply embedded, and relevant financial experiences. We want to remove the distractions and enable new interactions to help retailers materially improve the metrics that matter; conversion, basket size and lifetime customer value. We are excited to add our credit solution to the breadth of experiences that our platform supports today.”