Skeps provides technology on a white-label basis that other companies can use to deliver buy now, pay later (BNPL) point-of-sale financing programs to merchants. The BNPL technology operates on a blockchain.
Within their own environment, lenders make available to Skeps a byte code version of their risk models. The private blockchain is used to execute credit evaluations within the merchant’s environment, where it can incorporate a buyer’s data. At all times, a lender’s proprietary information remains unknown to Skeps and the merchant. Skeps holds a U.S. patent on its distributed underwriting technology.
U.S.-based customers of Skeps include two banks and five fintechs. Collectively, they are handling $200 million a month in BNPL purchases. First National Bank of Omaha (FNBO) is one of those customers. It uses Skeps’s platform with retailers such as Scheels that are partners in co-branded credit card programs. The technology can be deployed quickly and helps protect co-brand card issuers from losing merchant partners to third-party BNPL specialists.
A test of the Skeps technology by one of the five largest U.S. banks began this month. Smaller lenders such as credit unions can also deploy the Skeps platform. The company seeks partnerships with banks that want to offer BNPL to their customers.
Skeps does not offer credit. It executes the risk and credit policies of its lenders and follows all regulatory guidelines. Any type of BNPL product can be supported and in any market worldwide. The company’s distributed underwriting capability can be used for instant credit approval for business-to-business BNPL transactions.
INTERVIEWED FOR THIS ARTICLE
Tushar Srivastava is Chief Executive Officer at Skeps in New York, firstname.lastname@example.org.
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Skeps is the next-gen POS financing platform that is accelerating financial institutions' entrance into the BNPL space. Our cloud-based modular suite of products enables banks and fintechs to develop and deploy new or existing products quickly and easily at the point of sale. By creating a true end-to-end platform, banks and fintechs can now balance the need for speed to market, with the use of core competencies such as servicing or underwriting.
Our white-label buy now pay, later platform connects you with the fintech lending solutions you need to compete in a quickening digital world. To learn more, request a demo, or email us at email@example.com.