Buy Now Pay Later on the Temenos Banking Cloud

Banks are under growing pressure as specialist Buy Now, Pay Later (BNPL) players have entered the market, increasingly displacing them from the short-term consumer credit market. Banks can reverse this trend and win new business, both with merchants and consumers, if they act now. Temenos Buy Now, Pay Later, combined with our patented Explainable AI (XAI), helps create more responsible BNPL programs by providing transparency into automated decisions and by matching BNPL customers with appropriate credit offers based on their history.

Available as-a-service on the Temenos Banking Cloud, banks and non-banks can rapidly consume a market-ready Buy Now, Pay Later solution. APIs can be used to rapidly integrate with customer-facing channels so that facilities can be embedded into consumer checkout processes with ease. This means banks and fintechs reach new customers, fast and efficiently. All with a solution powered by battle-tested banking capabilities and a platform proven to scale to over 22 million loan applications in just nine months.

In a rapidly changing lending environment, support prudent BNPL lending practices, with Temenos XAI to enable clients to pre-approve loan applications or propose variable instalments in real-time, based on pre-determined criteria, including soft and hard credit scoring. XAI provides transparency to decisions so banks and fintechs can lend ethically and provide transparency into recommended payment schedules – ensuring that consumers can afford the repayments and that providers can evolve with new market requirements.