SWIVEL, a transaction enablement fintech that removes friction in the movement of money for financial institutions and other payment communities, announced its integration with Apple Pay® that enables its credit union and community bank clients to accept loan payments from members and customers through the mobile wallet.
Within financial services, there exists a requirement in which institutions will not accept certain forms of payment (such as a credit card) against a consumer loan or auto loan. SWIVEL’s integration with Apple Pay is unique in that it features a proactive capability that automatically filters cards loaded within a consumer’s Apple Pay wallet and presents only the cards that can be used as acceptable payment options for an individual loan. This is strategically beneficial for credit unions and banks as it improves the customer experience by streamlining the loan payment process while improving the performance of payment reminders sent to customers through the mobile channel.
“The whole idea of digital wallet technology is to provide a frictionless, easier payment experience for consumers, but too often the opposite is the case when non-accepted payment options are presented to the consumer,” said Jason O’Brien, CEO of SWIVEL. “With our innovative Apple Pay integration, we are solving that problem for the financial institutions we serve, supporting better digital banking experiences for their customers and driving better loan payment performance through the channel.”
Leveraging the Apple Pay software development kit (SDK), SWIVEL developed its Apple Pay capabilities to support credit union and bank partners’ needs, with the Apple Pay integration now available to SWIVEL’s more than 800 financial institution clients across the U.S.
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