Finastra a London-based financial service provider helps people and businesses that are engaged in finance, with an innovative platform. Established in 2017, it has a strong compilation of financial services software in the world. Its solutions make consumers capable to deploy technology in the cloud or on-premises.
Finastra unveils its embedded consumer lending solution, allowing access to conventionally regulated lending options for customers at point-of-sale (POS). Vendors, financial institutions, and distributors can take benefit from a platform that offers lending solutions to consumers.
Jeannette Kescenovitz, Senior Director, Solution Management, Banking as a Service and Orchestration, Finastra, commented, “Finastra’s Embedded Consumer Lending solution offers financial institutions a direct route to growth by offering loans via a merchant’s digital point-of-sale. The solution builds connectivity and relationships between financial institutions and the distributor organizations that embed lending solutions at merchants’ point-of-sale.”
Embedded Consumer Lending of Finastra eyes on making buying procedure as hassle-free as possible and providing an alternative to the Buy Now Pay Later (BNPL) approach and many times which don’t allow for expensive purchases. BaaS or banking-as-a-Service is a kind of offering that allows vendors find numerous lenders and their specific products. Consumer Lending solution of Finastra allows financial institutions to access a marketplace of merchants and distributors to wide-spread their banking products.
Andrew Turner, CEO, Loanstar Technologies, stated, “Working with Finastra will enable us to scale up significantly, providing access to hundreds of financial institutions, like Seattle Bank, across the US. As a trusted provider of mission-critical financial services software, Finastra will help us connect with the right bank providers to bring billions of dollars of new liquidity to fund POS loans with our merchant customers.”
Consumer Lending introduces APIs on Finastra’s FusionFabric.cloud open platform with Loanstar Technologies, like third party agency to integrate. Loanstar Technologies delivers new-age technology to connect lenders to borrowers, creating POS consumer loans with the help of their merchant network in numerous verticals.