blog address: https://chargeafter.com
In addition to many other choices,
embedded finance enables you to rapidly apply for a personal loan on online
platforms outside of banks or pay for an online purchase without providing your
bank information. In 2020, this Bank-as-a-Service concept, which enables the
combination of financial products via APIs, shifted $22.5 billion; during the
following four years, that amount will multiply tenfold.
Without having to drive consumers to
external websites, so-called "embedded finance" through BaaS
(Bank-as-a-Service) enables any type of business or online shop
to integrate banking software into their internet sites or mobile apps as an
additional service within their variety of services. Therefore, a business can
give the option of paying in installments for online orders, offer insurance,
integrate payments into its website so that customers don't have to input their
credit card information for each transaction, or issue its very own credit
cards, among other things.
Offering these products required a
significant expenditure of money, time, and technology advancement until only a
few years ago. Due to APIs (Application Programming Interfaces), which are
instructions that link two pieces of software together to ease the exchange of
messages or data, these integrations are now simpler than ever. a system that
serves as a conduit between businesses, clients, and banks.
Within that way, the customer's
experience with consumer financing and purchasing is smoother, more convenient,
quicker, and simpler, and bank transfers are available whenever and wherever
they are needed. a value offer that promotes brand loyalty and propels
What is API
New BaaS platforms and some global
banks power these services, and some market leaders provide a wide range of
APIs to their technology companies and developers.
When you use a mobile application, it
connects to the Network and sends information to a server. The data is
subsequently retrieved, interpreted, put to use, and sent back to the phone by
the server. The application then analyzes the data and displays the information
you requested in a comprehensible manner. All of this occurs through an API,
which is what it is.
alter their habits
Under embedded finance or finance as a
service, there is a shift in customer behavior because they are more willing to
contract for financial services from suppliers other than banks. According to a
survey conducted by Solarisbank for its "When Firms Become Banks"
study, 61% of German respondents are open to using banking institutions from
the e-commerce companies examined in the study. An Amazon
bank account with features like protection against identity theft roadside
help, travel insurance, or product discounts would be openable, according to
participants under the age of 55, according to another survey by Cornerstone
As a result, Bank-as-a-Service offers
tremendous growth potential for e-commerce as well as for other industries like
wealth management and insurance.
Retail financing is also gaining
popularity and altering how the market functions in addition to embedded
finance. One of the pioneers in the industry, ChrgeAfter's global lending platform has developed
into a system that links customers and lenders through consumer financing.
Along with the two parties who profit
from the financing platform, ChargeAfter also offers e-commerce businesses and
retailers options to increase sales and draw in new customers.
With the help of contemporary features
BNPL platforms and waterfall financing systems, businesses can add
straightforward BNPL services to the white
label BNPL option, which has more advantages because it allows
retailers to provide branded financing options to their customers and build
ChargeAfter is a
leading multi-lender platform for Buy Now pay later (BNPL) Consumer Financing.
It connects businesses with the most reliable lenders, enabling them to offer
customers the greatest financing solutions. With the best system of Waterfall
Financing, ChargeAfter guarantees BNPL lending to every shopper, by matching
the most relevant lender to every client. Using the unique consumer financing
technology, ChargeAfter provides all parties, merchants, lenders, and
consumers, with the best shopping experience. Phoenix, MUFG, VISA, Bradesco,
BBVA, Synchrony, PICO Partners, CITI, Propel Venture Partners, Plug and Play,
and other companies worldwide are among the investors of ChargeAfter.
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