Fintech & Ecommerce

Seattle Bank Partners LoanStar to Enhance Embedded Banking Offer

Seattle Bank has partnered with LoanStar Technologies, enabling merchants and service providers to offer point-of-sale consumer loans for high-value transactions 

Seattle Bank Partners LoanStar to Enhance Embedded Banking Offer

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The embedded banking solution created in partnership with LoanStar Technologies fintech will enable the customers of a digitally-driven Seattle Bank access short-term BNPL loans directly through the merchant’s checkout interface.

Seattle Bank’s scalable, configurable, open-API technology stack includes real-time underwriting and loan fulfillment solutions enabled by the partnership with Finastra. Finastra’s open developer platform allows the Bank to seamlessly integrate with other fintech partners, such as LoanStar.

The latter enables banks, credit unions, and other lenders to create point-of-sale consumer loans. LoanStar’s proprietary MerchantLinQ platform is a streamlined, technology-driven system allowing sellers to quickly and easily create loans as a consumer-friendly alternative to high-interest, white-label credit cards.

Seattle Bank’s Chief Banking Officer and Head of Partnerships Josh Williams believes that the new partnership will allow its customers to accelerate the speed and convenience of point-of-sale financing, simultaneously empowering Seattle Bank to expand its reach to customers nationwide.

Although LoanStar’s technology covers several different industries, Seattle Bank’s initial partnership serves merchants only in the home improvement sector.

Embedded finance has immense potential for the payments industry and enormous revenue opportunities for software platforms and enabling infrastructure providers. A recent survey has shown that European SMEs believe BaaS will overtake traditional banking within five years.

Nina Bobro

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Nina is passionate about financial technologies and environmental issues, reporting on the industry news and the most exciting projects that build their offerings around the intersection of fintech and sustainability.