Banks can now accelerate growth with a unique installment solution tailored to SMEs without disrupting their current banking technology stacks.
AUSTIN, September 13, 2023 / Episode Six (E6), a leading global provider of enterprise-grade payment processing and ledger infrastructure, today announced the launch of Business Now, Pay Later. This first-of-its-kind solution enables commercial banks to capture new revenue streams by meeting the working capital needs of small and medium-sized enterprises (SMEs) through tailored installment offerings within their business banking channel.
According to Capgemini’s 2022 World Payments Report, 89% of SMEs feel underserved by their primary banks and are considering a shift to a new provider. It’s clear there is an increased demand from SMEs for more flexible working capital solutions, and the economic headwinds that have led to rising rates are only strengthening the need.
Business Now, Pay Later directly addresses this need by industrializing the conventional buy now, pay later (BNPL) model, strengthening it, and making it fit for purpose for commercial banks and their customers. This solution enables financial institutions to tap into an underserved market and solidify business relationships by providing SMEs the products to better manage their cash flow with increased flexibility and control.
Furthermore, this dynamic solution provides banks with the ability to tailor loan products based on client needs and risk profiles, empowering commercial banks to strengthen and grow their balance sheet.
Business Now, Pay Later enables banks to offer installment loans to businesses at any point in their buying journey, including before, during, and after payment. Payments can be made through any method, whether real-time payments, ACH, wires, or cards. From there, repayment options vary based on customer needs and risk profile, all set and managed by the bank through simple configurations.
“SMEs are the lifeblood of economies, and working capital is their oxygen,” said John Mitchell, CEO and Co-Founder of E6. “SMEs need flexible credit solutions and repayment options to thrive, and banks are best positioned to meet this need. We are helping banks do so by providing a turnkey solution to offer tailored installment products directly in their business banking channel. With the power of modern payments technology, banks can delight their SME customers while simultaneously strengthening their balance sheet and creating new revenue streams, creating a win-win situation for all.”
E6’s flexible, cloud-native TRITIUM® platform enables banks to launch products like Business Now, and Pay Later without disrupting their existing infrastructures. This aligns with E6’s progressive modernization strategy, which presents banks with the opportunity to take new products to market quickly without wholesale and high-risk replacement or re-engineering of existing systems.
To learn more, E6 will be discussing this product at Sibos 2023, which will take place in Toronto from September 18-21. Find them at stand DISS 38 or visit https://episodesix.com/use-case/installments-payments-solution-for-banks.
About Episode Six
Episode Six (E6) is a global provider of enterprise-grade payment processing and digital ledger infrastructure for banks and companies looking to offer payments to their customers. E6 delivers the innovative capabilities needed to compete with disruptors by augmenting existing infrastructures. Flexibility, adaptability, and resilience are built into the core of E6’s TRITIUM® platform ensuring clients maintain a market-leading position. E6 operates globally across 40 countries with an expanding team located in the U.S., Europe, Japan, Singapore, Hong Kong, and Australia. Investors include HSBC, Mastercard, SBI Investment Co., Ltd., Anthos Capital and Avenir. For more information, visit www.EpisodeSix.com or LinkedIn.
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