Citi Retail Services has selected ChargeAfter, the embedded lending platform for point-of-sale financing, as a technology provider for its Citi Pay products, which include Citi Pay Credit and Citi Pay Installment Loan.
Easing the Integration in PoS
Announced today (Tuesday), the collaboration between ChargeAfter and City Pay is expected to ease the integration process of Citi Pay products through online merchants into their point-of-sale experience. The services include a digital-only credit card and monthly installment loan.
“Our collaboration with ChargeAfter enables us to quickly and seamlessly embed Citi Pay products into our merchant partners’ point-of-sale, which furthers Citi’s more than 30-year commitment to providing merchants and consumers with the secure and flexible payment options they desire,” Terry O’Neil, the Head of Connected Commerce and Strategic Growth Initiatives for Citi Retail Services, said.
Bridging the Gap between Merchants and Lending Banks
ChargeAfter is a New York-headquartered company with its R&D center in Tel Aviv, Israel. According to the company, its Lending Hub product bridges the gap between merchants and lending banks. It streamlines product creation and management to deploy and distribute lending products.
Furthermore, the Lending Hub enables swift merchant onboarding and integration for bank lending partners, allowing them to offer financing options to merchants and customers at scale.
“This collaboration is an affirmation of the capabilities of our Lending Hub for leading payment providers,” said Meidad Sharon, the Founder and Chief Executive Officer of ChargeAfter. “Our nimble, cutting-edge technology and rapid go-to-market tools for banks position us to support Citi Retail Services in expanding its Citi Pay products and enhance the customer experience at checkout.”
Last year, ChargeAfter inked a similar partnership deal with Wells Fargo Retail Services, a division of Wells Fargo Bank. The company is also backed by some big names in the financial services industry, including Citi Ventures, Visa, MUFG, Banco Bradesco, Synchrony Financial.
