Splitit Brings Debit and Deposit Account Installments to Jack Henry Banks
Splitit has joined the Jack Henry Fintech Integration Network, letting eligible US banks and credit unions offer installments on debit cards and deposit accounts.
Installment payments provider Splitit has integrated with Jack Henry's SilverLake core banking platform and Banno digital banking platform, giving eligible US banks and credit unions a way to offer installment plans on debit cards and demand deposit accounts.
The integration runs through the Jack Henry Fintech Integration Network (FIN), which gives third-party fintechs access to Jack Henry's technical resources and test systems, Splitit announced on 9 September. Splitit connects to SilverLake through Jack Henry's jXchange programming interfaces. The announcement notes that FIN inclusion is not an endorsement of a fintech's product.
Under the arrangement, institutions can offer embedded installments without building new technology, becoming the lender of record, or asking accountholders to download a third-party app. Splitit positions this as a way for banks to earn fee income and compete with buy now, pay later providers while keeping the customer relationship and transaction data in-house.
Accountholders can choose installments at checkout with participating merchants, marketplaces and wallets. After a purchase, eligible transactions can be turned into personalised installment offers inside the institution's own digital banking app.
"Banks and credit unions shouldn't have to watch their most loyal customers leave the banking relationship every time they want more payment flexibility," said Ran Landau, CTO of Splitit.
He added: "Together with Jack Henry, we're giving banks and credit unions a faster path to innovation - one that strengthens relationships, creates new revenue opportunities and helps them remain at the center of the payment experience."
The move takes Splitit into deposit accounts. The company's own description of its business centres on turning existing credit relationships into card-linked installment plans, and it already powers installments inside Samsung Wallet.
Jack Henry, which is listed on Nasdaq and part of the S&P 500, serves around 7,400 bank and credit union clients.
