Suffolk Credit Union Announces Innovative Partnership to Launch Buy Now, Pay Later Service, Elevating Financial Flexibility for Members

Suffolk Credit Union, with asset base of $1.8 billion, is proud to announce the introduction of a groundbreaking Buy Now, Pay Later (BNPL) service to its suite of digital banking solutions. This strategic move, a first among New York credit unions, is made possible through a collaboration with equipifi, a leading BNPL platform designed for debit card issuers, highlighting Suffolk Credit Union's commitment to leveraging top-tier partnerships to meet the evolving needs of its members.

The integration of equipifi's advanced BNPL platform with Suffolk Credit Union's core banking systems and digital banking interface represents a significant leap forward in offering personalized financial solutions. This initiative will enable members to seamlessly access tailored BNPL offers that align with their financial health, directly through Suffolk Credit Union's online banking app, thereby enhancing their financial management and flexibility.

Michele Dean, President and CEO of Suffolk Credit Union, emphasized the importance of innovation and strategic partnerships in providing value to members: "Our mission is to be at the forefront of financial innovation, constantly adapting to the changing needs of our members. Our collaboration with equipifi is a testament to this commitment, ensuring we deliver exceptional products and services. It is rewarding leading a team that is not only talented but also courageous in taking bold steps to meet and exceed our members' expectations."

This new BNPL service is part of Suffolk Credit Union's ongoing effort to enhance its digital banking offerings, providing members with more flexibility and control over their financial transactions. With the BNPL market experiencing rapid growth and consumer demand for such services increasing, Suffolk Credit Union is positioning itself as a primary financial partner for its members, ready to support them through every significant financial decision.

"Consumer expectations for their debit cards are changing due to the growing popularity of BNPL," said Bryce Deeney, CEO and co-founder of equipifi. "By launching BNPL, Suffolk Credit Union is positioning themselves to meet their members as the go-to financial institution for every important financial moment."

BNPL programs grew 25 percent in transaction value last year and are projected to surpass $100 billion by 2024. According to the Consumer Financial Protection Bureau, 89 percent of all repayments in 2020-2021 were made through the debit card. Launching BNPL is part of Suffolk Credit Union's initiative to design a safer and more reliable experience to meet the evolving needs of its current and future members.