Episode Six (E6), a leading global provider of enterprise-grade payment processing and ledger infrastructure, has introduced Business Now, Pay Later. This new solution aims to help commercial banks generate additional revenue by catering to the working capital needs of small and medium-sized enterprises (SMEs) through customized installment offerings within their business banking channel.
According to Capgemini’s World Payments Report for 2022, 89% of SMEs feel underserved by their primary banks and are considering switching to a new provider. This highlights the growing demand from SMEs for more flexible working capital solutions, which is further reinforced by current market conditions.
Business Now, Pay Later addresses this demand by refining and modernizing the traditional buy now, pay later (BNPL) model, making it suitable for commercial banks and their customers.
With this solution, financial institutions can tap into an untapped market and strengthen their business relationships by providing SMEs with products that enhance cash flow management, offering greater flexibility and control.
Furthermore, this dynamic solution allows banks to customize loan products based on individual client needs and risk profiles, empowering commercial banks to strengthen and expand their balance sheets.
Business Now, Pay Later enables banks to offer installment loans to businesses at any stage of their buying journey, including before, during, and after payment.
Payment options can be made through various channels, including real-time payments, ACH, wires, or cards. The repayment options are tailored to each customer’s specific requirements and risk profile, all easily managed by the bank through simple configurations.
John Mitchell, CEO and Co-Founder of E6, emphasized the importance of SMEs and their need for flexible credit solutions and repayment options to thrive. He stated that banks are in the best position to address this need and that E6 is assisting banks by providing a turnkey solution that allows them to offer customized installment products directly through their business banking channels. He further added that modern payment technology empowers banks to not only satisfy their SME customers but also strengthen their balance sheets and create new revenue streams, resulting in a win-win situation for all.
E6’s TRITIUM® platform, a flexible and cloud-native infrastructure, allows banks to launch products like Business Now, Pay Later seamlessly without disrupting their existing systems.
This aligns with E6’s progressive modernization strategy, which enables banks to bring new products to the market quickly without the need for extensive replacement or re-engineering of their current systems, minimizing risk.
E6 is globally recognized as a provider of enterprise-grade payment processing and digital ledger infrastructure for banks and businesses looking to enhance their payment capabilities. By leveraging E6’s innovative solutions, banks can effectively compete with disruptors in the market and stay ahead of the curve.
Flexibility, adaptability, and resilience are at the core of E6’s TRITIUM® platform, ensuring that clients maintain their market-leading position.
E6 operates in 40 countries globally and has a growing team across the United States, Europe, Japan, Singapore, Hong Kong, and Australia.
The company has received investments from renowned organizations such as HSBC, Mastercard, SBI Investment Co., Ltd., Anthos Capital, and Avenir.
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