Case Study
The BNPL solution - elevating the customer experience
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.
Challenge
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:
- Buy-Now-Pay-Later solutions, like all the other lending services, can only be offered by licensed banking institutions.
- To stay on top in this very competitive market the swift development of the completely new BNPL product for Amex was crucial. Therefore, a partner was needed who was capable of not only delivering an impeccable backend but also a complete user-friendly white label frontend.
- Offering a BNPL solution entails handling regulatory complexities, including scoring, identification (KYC), and risk and arrears management. Amex was looking for a reliable banking partner who can take care of all regulatory requirements, allowing them to focus on customer experience.
Our solution
Splitpay: a customer-centric BNPL product
With Solaris’ 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 Solaris’ 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.
Contextual lending
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.
A smooth digital lending experience: fast and secure
- Amex cardmembers can quickly sign up for Splitpay in the Web-App.
- A one-time credit risk check will be done within a couple of minutes.
- In case of a positive check, the approval for a credit line follows immediately.
- Confirmation via digital contract signing will take less than 2 minutes.
- After that, cardmembers can enjoy splitting transactions from the last 90 days within their granted credit line while choosing a flexible repayment plan.
- All past payment plans can be seen and administered.
- As soon as the customer splits the first card transaction, the payout happens automatically.
Hear what our partners have to say
“We got to know Solaris 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