DXC Technology has teamed up with Splitit to provide installment plans for account holders at checkout and after purchases.
The solution relies on Splitit’s advanced AI engine, which customizes offers based on individual customers. Leveraging DXC’s Hogan core banking platform for installment capabilities, banks can now compete with buy-now-pay-later providers while offering more payment options to their clients. This allows customers to choose flexible payment methods using the cards and accounts they already have, whether shopping online or in-store.
Flexible Payment Options for Bank Account Holders
The partnership enables banks to deploy branded installment offers at checkout or within their online banking portals without requiring third-party accounts or new loan applications. This approach benefits customers as anyone with a bank account or debit card can participate, not just those with credit cards.
Banks also gain increased lending flexibility. They can choose to originate the installments directly on their books or have Splitit handle them. This helps banks generate new revenue streams and promote merchant growth by allowing marketplaces to access bank-backed plans through Splitit’s network without multiple integrations or lending risk.
Growth in Installment Payment Solutions
The installment payment solution market is expected to grow from USD 2.23 billion in 2024 to USD 3.44 billion by 2031, expanding at a 6.4% CAGR. According to Splitit, 72% of merchants prefer card-linked installments for their reach and simplicity. By offering debit-first lending, the program reaches a broader customer base, particularly Millennials and Gen Z.
Splitit contends that BNPL providers exclude banks from the installment process by delivering transactional lending at the merchant checkout. The new product aims to level the playing field by enabling banks to compete against BNPL players and offer installments directly into existing bank accounts or debit cards. With DXC’s access to over 300 million bank accounts through its core banking platform and Splitit’s technology, this alliance offers financial institutions a straightforward way to automatically deliver installment functionality and attract new clients.
