• Finastra has announced a strategic alliance with Ohio point-of-sale (PoS) financing and company Jifiti Buy Now, Pay Later (BNPL).
  • The alliance will bring new point-of-sale financing capabilities to financial institutions in Finastra’s banking-as-a-service ecosystem.
  • Finastra was formed through a merger between Finovate Misys alumnus and D+H in 2017.

Last week we highlighted the state of Ohio as a place where fintech and insurtech innovation was thriving. Today, we learned that financial software company and Finovate alum Finestra has signed a strategic alliance with one of Ohio’s fintech innovators: Columbus-based point-of-sale financing company and the Buy Now, Pay Later platform Jifiti.

The collaboration will bring integrated financing capabilities to financial institutions in Finastra’s banking-as-a-service (BaaS) ecosystem. These capabilities will allow banks to empower merchants with financing options at the point of sale, such as Buy Now, Pay Later and split payments. Whether they transact online, in-store or through a call center, consumers will be able to access this expanded range of financing options. Jifiti’s platform will be pre-integrated with Finastra’s systems, making implementation easier for financial institutions that currently use Finastra to power their core banking operations.

Jeanette Kescenovitz, Senior Director of Solution Management, BaaS and Orchestration at Finastra, placed the partnership in the context of the recent launch of Finastra’s BaaS integrated consumer lending offering. “We look forward to leveraging Jifiti’s best-in-class retail POS solution to provide financial institutions with a simple way to deliver a seamless, integrated financial offering with a fully digital-first experience,” said Kescenovitz.

Jifiti offers a white-label, modular platform that supports a wide range of financing options at the point of sale. These options include installment loans, lines of credit, split payments, BNPL, and B2B financing. Founded in 2011, the company inserted your B2B solution Buy now, pay later for banks, lenders and merchants last month. The addition of the commercial customer offering significantly enhanced the capabilities of Jifiti’s platform, allowing the technology to cover virtually all types of Buy Now, Pay Later options.

“The B2B marketplace was the next logical step in our Jifiti journey,” said company CEO and co-founder Yaacov Martin when the launch was announced. “Our goal is to give each client the financing that best suits their needs. Now we can help our business and banking partners extend that same level of personalization to their business customers through specialized B2B integrated finance.”


Photo from Pixabay

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