Splitit has launched integrations with Jack Henry’s SilverLake core banking and Banno Digital platforms via the Jack Henry Fintech Integration Network. This partnership targets restoring banks’ control over installment payment options to better compete with third-party buy now, pay later (BNPL) providers.
- Splitit integrates with Jack Henry’s SilverLake and Banno Digital platforms.
- Banks gain embedded installment payments for deposit accounts and debit cards.
- Partnership aims to prevent customer migration to external BNPL apps.
Market signal
The partnership between Splitit and Jack Henry signals a strategic push by banks and credit unions to reclaim ground lost to BNPL providers by embedding installment payment solutions within their own infrastructures. This integration taps directly into core banking and digital platforms, ensuring financial institutions can offer payment flexibility seamlessly to customers without relying on third-party apps.
Industry data suggests a growing consumer preference for installment lending as a budgeting and convenience tool rather than solely a credit lifeline. Financial institutions have a unique advantage due to established trust, direct access to active accounts, and rich transaction data, placing them in an optimal position to offer competitive installment products that foster loyalty and reduce customer churn.
Operator impact
Operators using Jack Henry’s SilverLake and Banno platforms will be able to deploy Splitit's payment capabilities quickly and efficiently through the Jack Henry Fintech Integration Network. This reduces the technical burden of developing in-house installment solutions, enabling banks and credit unions to rapidly introduce flexible payment options that meet evolving consumer expectations.
By integrating Splitit’s AI-driven installment technology, financial institutions can maintain transaction visibility and retain associated fee income, which are typically lost when customers use standalone BNPL providers. The embedded approach fosters ongoing engagement and helps reinforce the primary banking relationship, positioning these institutions to better compete in a payments innovation landscape dominated by fintech disruptors.
What to watch next
Monitor adoption rates of Splitit's solutions within the Jack Henry customer base and the extent to which these integrations translate into measurable reductions in customer attrition to external BNPL offerings. Observing response from both community banks and larger credit unions will help clarify market appetite for embedded installment products developed through fintech partnerships.
Watch for further enhancements in AI-powered payment features that can tailor installment offerings to individual consumer behaviors and preferences. Additionally, regulatory developments around BNPL and installment lending could influence how quickly and widely such solutions are embraced by financial institutions aiming to remain competitive and compliant.