SAN ANTONIO –– SWIVEL, a fintech that provides “transaction enablement” to remove friction in the movement of money, has announced an integration with Apple Pay that it said enables its credit union clients to accept loan payments from members 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,” the company said. “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.”
‘Strategically Beneficial’
The company added the move is “strategically beneficial for credit unions” as it improves the consumer 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,” CEO Jason O’Brien said in a statement. “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.”
Now Available
By leveraging the Apple Pay software development kit (SDK), SWIVEL said it developed its Apple Pay capabilities to support credit union partners’ needs, with the Apple Pay integration now available to SWIVEL’s more than 800 financial institution clients across the U.S.