Rock Valley Credit Union (RVCU), a financial institution with over $160 million in assets and serving nearly 16,000 members, announced that it has added Buy Now, Pay Later (BNPL) to its suite of online banking products.
RVCU has selected equipifi, a leading BNPL platform designed for financial institutions, to power its solution. With this launch, RVCU will extend personalized, pre-qualified BNPL offers to members in its digital banking experience. RVCU’s BNPL program serves its members through their shopping journey, and includes both a pre-purchase feature that gives members access to extra funds prior to shopping, and a post purchase feature that converts eligible debit card transactions into installment loans. Using equipifi, RVCU also keeps the member engagement, loan activity, and interest income generated from its BNPL program in house.
“Our mission is to help our members maintain financial stability while achieving their goals, and we do so by providing them access to the funds they need at low cost and to solutions that serve their unique circumstances,” said Matt Papoccia, Executive Vice President of Lending at RVCU. “By launching BNPL with equipifi, we are able to present members with pre-qualified offers based on their individual financial contexts, while delivering on the elevated member experience they have come to expect.”
“Credit unions have been redefining what consumers can anticipate from Buy Now, Pay Later, and are consistently outperforming third-party BNPL solutions when it comes to their membership,” said Bryce Deeney, CEO and co-founder of equipifi. “By launching BNPL, RVCU is not only providing an innovative and intuitive flexible financing tool their members prefer, but also delivering on its promise to serve them throughout their financial lifetime.”
Over sixty credit unions have launched their own BNPL product to their members. equipifi’s data shows that over 79 percent of members continue to use BNPL in year two, with overall usage increasing by 38 percent. In the US, BNPL is projected to grow at a compounded annual rate of 25.5 percent between 2022-2026.
About Rock Valley Credit Union
Rock Valley Credit Union is a not-for-profit financial institution owned and operated by its members since 1968. Its field of membership includes Winnebago, Boone, Ogle, DeKalb, Lee and Stephenson Counties, IL, and Green, Rock and Walworth Counties, WI. RVCU prides itself in customized services for each of its 16,000+ members and is dedicated to supporting more than 30 community events and organizations each year. RVCU is headquartered in Loves Park, with additional locations in Rochelle and Machesney Park, IL. For more information, visit rockvalleycreditunion.org.
About equipifi
equipifi is the leading Buy Now, Pay Later (BNPL) platform for financial institutions in the United States. This is a white label solution designed to align with consumer purchase habits, payment preferences, and financial goals. The equipifi platform seamlessly integrates with leading banking cores and digital banking platforms to deepen customer engagement, grow market share, increase revenue, and provide a single place to view, accept, and manage BNPL plans on their existing banking app. For more information, please visit http://www.equipifi.com/.