Banks and lenders today are expected to offer financing and loan programs at any merchant’s point of sale, including online, in-store, call center, and assisted in-store or at-home user flows.
However, many existing Loan Management Systems (LMSs) require additional capabilities to offer such flexibility.
Embedded lending platforms, specifically designed to handle the unique requirements of point-of-sale lending, must seamlessly connect with various digital channels, like online stores, mobile apps, and point-of-sale terminals.
This additional data allows them to make more accurate credit risk assessments and approve loans to more creditworthy individuals.
As a result, banks are increasingly moving toward a modular and end-to-end solution, which enables them to customize whichever components they need for financing program distribution and discovery, loan origination, checkout and settlement, and ongoing management and servicing.
For banks and lenders that want to offer an end-to-end embedded lending experience without the complexity and IT investment that comes with building on their existing LMS, Columbus, Ohio-based Jifiti has a solution.
The company offers an “LMS Add-On” that serves as a sub-ledger, where banks can then push the originated loans into their main ledger.
The platform can integrate with any LMS or work as a standalone solution for merchants with their own financial services arms but needing more loan management capabilities. These merchants don’t require a full-blown LMS for their purposes, making Jifiti’s lightweight LMS Add-On the fix they desire.
Banks and merchants can use Jifiti’s LMS Add-On subledger capabilities, feeding into the lender’s General Ledger, and gain access to every component required for embedded lending including loan servicing, debt management and reporting.
“Our LMS Add-On addresses a common need for a specialized loan management system that could enhance the functionality of existing LMS systems and effectively support the distinctive characteristics of embedded lending programs,” said Yaacov Martin, CEO of The Jifiti Group. “After engaging with banks, lenders, and enterprise merchants across multiple markets, we built our add-on to deliver them superior lending solutions.”
Jifiti’s robust, white-labeled embedded lending platform caters to every B2C and B2B embedded lending use case across retail, healthcare, heavy equipment, auto repair, contracting, travel, OEM financing and others.
The company’s LMS Add-On gives its customers and partners extra functionality and flexibility for a truly end-to-end solution.
Jifiti is used by leading financial institutions, including Mastercard, Citizens Bank, CaixaBank, and Credit Agricole; financial service providers, including FIS and Finastra; and top retail brands, including IKEA, Peloton, Wyndham, Wayfair, Sonae, Coppel and others worldwide.