Fiserv (FISV) and Affirm Holdings (AFRM) teamed up to bring pay-over-time capabilities to debit card programs for financial institutions, the companies said on Monday. The move allows thousands of Fiserv U.S. bank and credit union clients to offer flexible payment options without needing to create new lending products.
Affirm (AFRM) stock rose 0.2%, and Fiserv (FISV) stock slipped 0.5% in Monday premarket trading.
Under the program, the two companies manage all technical aspects of the pay-over-time plans, using Affirm’s platform for real-time underwriting, loan origination, and funding. Fiserv will incorporate the technology into its digital solutions so that banks and credit unions can offer products without any operational lift required, it said.
The two companies first worked together in 2022 to integrate Affirm into Commerce Hub, allowing merchants to offer Buy Now, Pay Later (BNPL) at checkout.
“Millions of consumers depend on their local financial institutions, including for their top-of-wallet debit cards,” said Wayne Pommen, chief revenue officer at Affirm (AFRM). “By partnering with Fiserv (FISV), we’re helping these institutions offer transparent pay-over-time options — so customers can get the flexibility they need from the banks and credit unions they already depend on, rather than having to look elsewhere.”