Finastra launches embedded consumer lending solution

For end consumers, Finastra Embedded Consumer Lending aims to make the buying process as frictionless as possible, providing more options to consumers and an alternative to the Buy Now, Pay Later approach, which is often not applicable to high value purchases. For merchants, the BaaS platform provides access to lenders and their specific products. For financial institutions, Finastra Embedded Consumer Lending provides access to a marketplace of distributors and merchants to distribute their banking products.

Finastra’s Embedded Consumer Lending exposes APIs on Finastra’s FusionFabric.cloud open platform with which third-party distributors, like Loanstar Technologies, may integrate. Loanstar Technologies offers state of the art technology to connect lenders to borrowers, creating POS consumer loans through their merchant network in numerous verticals.

Integrated with Finastra’s lending and origination core systems and hosted on Microsoft Azure, the solution enables financial institutions to process POS loan applications, including performing identity verification, decisioning, facilitating e-sign, as well as account creation and funding (through the bank’s core banking system). Using APIs and event notification systems, third-party distributors can provide real-time feedback to merchants and consumers on loan status.