Splitit has partnered with Jack Henry to integrate its installment payment platform into the Jack Henry Fintech Integration Network. This collaboration allows financial institutions to offer installment options directly through their existing deposit accounts and debit cards.
The integration covers Jack Henry’s SilverLake core banking platform and the Banno Digital Platform. By embedding these features, banks and credit unions aim to retain customers who might otherwise turn to third-party buy now, pay later services for payment flexibility.
According to Splitit CTO Ran Landau, the AI-powered platform is designed to help banks meet consumer demand for seamless installment payments without requiring them to build and maintain such technology independently.
Data from a PYMNTS Intelligence report indicates that installment lending is increasingly used for budgeting and convenience rather than as a financial necessity. Banks can leverage existing customer trust and transaction history to keep these services within their own ecosystems.
