equipifi, a fintech company enabling credit unions with buy now, pay later (BNPL) offers for purchases made on debit cards, was awarded with the CUNA Technology Council’s Best of Show Award at the 2023 CUNA Governmental Affairs Conference (GAC).
“equipifi gives credit union members the ability to better manage their finances at a time when inflation is making it harder than ever to make ends meet. equipifi allows members to make purchases and then choose how they want to spread out large repayments on their terms. It provides members flexibility as an alternative to high interest credit cards or pay day lenders during tough economic times,” said Jim Phillips, EVP/chief information Officer, SchoolsFirst Federal Credit Union, and CUNA Technology Council Executive Committee and Conference Committee chair.
“For financial institutions, the solution is fully integrated into the credit union core, online and mobile applications and allows institutions the ability to customize eligibility requirements, marketing messages and offers. Creative payment products can drive adoption, increase engagement and improve the user experience,” he added.
When a purchase is made, equipifi’s integration with the credit union’s banking core accesses their account and debit card transaction information. equipifi’s decision engine uses the credit union’s eligibility parameters to automatically send BNPL offers through their digital banking platform. In this same app, the cardholder can view and agree to the payment plan in seconds and have cash deposited by their bank back into their checking account.
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