LONG ISLAND, N.Y., Jan. 30, 2024 /PRNewswire/ — Suffolk Credit Union, with asset base of $1.8 billion, is proud to announce the introduction of a groundbreaking Buy Now, Pay Later (BNPL) service to its suite of digital banking solutions. This strategic move, a first among New York credit unions, is made possible through a collaboration with equipifi, a leading BNPL platform designed for debit card issuers, highlighting Suffolk Credit Union’s commitment to leveraging top-tier partnerships to meet the evolving needs of its members.
The integration of equipifi’s advanced BNPL platform with Suffolk Credit Union’s core banking systems and digital banking interface represents a significant leap forward in offering personalized financial solutions. This initiative will enable members to seamlessly access tailored BNPL offers that align with their financial health, directly through Suffolk Credit Union’s online banking app, thereby enhancing their financial management and flexibility.
Michele Dean, President and CEO of Suffolk Credit Union, emphasized the importance of innovation and strategic partnerships in providing value to members: “Our mission is to be at the forefront of financial innovation, constantly adapting to the changing needs of our members. Our collaboration with equipifi is a testament to this commitment, ensuring we deliver exceptional products and services. It is rewarding leading a team that is not only talented but also courageous in taking bold steps to meet and exceed our members’ expectations.”
This new BNPL service is part of Suffolk Credit Union’s ongoing effort to enhance its digital banking offerings, providing members with more flexibility and control over their financial transactions. With the BNPL market experiencing rapid growth and consumer demand for such services increasing, Suffolk Credit Union is positioning itself as a primary financial partner for its members, ready to support them through every significant financial decision.
“Consumer expectations for their debit cards are changing due to the growing popularity of BNPL,” said Bryce Deeney, CEO and co-founder of equipifi. “By launching BNPL, Suffolk Credit Union is positioning themselves to meet their members as the go-to financial institution for every important financial moment.”
BNPL programs grew 25 percent in transaction value last year and are projected to surpass $100 billion by 2024. According to the Consumer Financial Protection Bureau, 89 percent of all repayments in 2020-2021 were made through the debit card. Launching BNPL is part of Suffolk Credit Union’s initiative to design a safer and more reliable experience to meet the evolving needs of its current and future members.
About Suffolk Credit Union: Suffolk Credit Union is a not-for-profit, member-owned financial cooperative established in 1967. Serving over 70,000 members with approximately $1.8 billion assets, Suffolk Credit Union offers a wide range of financial services to individuals who live, work, worship, or attend school in Nassau and Suffolk counties, as well as their immediate family members. Committed to excellence in service, Suffolk Credit Union provides its members with comprehensive financial products and services designed to meet their evolving needs.
About equipifi: equipifi is at the forefront of the BNPL sector, offering a leading platform for debit card issuers across the United States. This white-label solution is designed to align with consumer purchasing behaviors, payment preferences, and financial goals, seamlessly integrating with banking cores and digital platforms to enhance customer engagement and satisfaction.
SOURCE Suffolk Credit Union
