American Express, a leading player in the payment card business, empowers its customers to achieve their aspirations every day by delivering exceptional products, services, and experiences. While following its ambitious mission to meet its customers’ needs and stay on top in competitive markets, Amex wanted to provide its cardholders with a more flexible and easy-to-use installment solution offering to pay their card transactions back at flexible installments.
Due to the fierce competition within the cards and payments industry, it is the ultimate goal of American Express to constantly fulfill their customers' needs and to give them the financial flexibility they need. The introduction of a BNPL solution for their cardmembers would allow Amex to meet these needs by offering them the flexibility of owning a credit line to convert their past transactions into small installments whenever they want.
However, transforming customers’ spending into lending opportunities came with a couple of requirements:
With Solarisbank’s Buy-Now-Pay-Later solution called Splitpay, American Express gives more financial flexibility to their customers, allowing their cardmembers to split transactions into easy installments with only a couple of clicks. This is made possible by Solarisbank’s smart Splitpay API. By the way, Splitpay easily works with our white-label bank accounts and cards, allowing you to offer a true banking experience to customers.
Digital contextual lending is a modern and personalized lending experience. The lending process is seamlessly integrated into consumers’ lives and has a natural and easy-to-handle feeling. All that is needed is a customer-friendly interface that shows current transactions and gives customers the choice to split them into a repayment plan.
Splitpay is a prime example of contextual lending and embedded finance since it allows customers to adapt their financial needs and processes to their lifestyles. So, they do not need to worry about applying for a loan when they make a larger purchase. With an integrated BNPL solution, Splitpay, users go through a credit line origination process only once and can enjoy their credit line instantly when needed.
“We got to know Solarisbank as a super cooperative partner, always solution-oriented, always targeted towards being successful together and producing something good for the customer.”
Country Manager Germany, VP&GM Consumer Services, American Express