Offering new solution
Barclays Partner Finance has launched a flexible online finance product dubbed bFex. The service enables consumers to take out instant finance for shopping.
Ronnie Denholm, Managing Director of Barclays Partner Finance said: “Both consumers and retailers want simplicity and flexibility when buying and selling – and online is no different. Barclays Partner Finance and Barclaycard have a wealth of experience in creating innovative payment products and bFlex will allow retailers to offer a truly flexible payment solution at the point of sale, and consumers to spread the cost of their purchases.”
The new bFlex is controlled by the consumer who has instant access at the online point of sale. This is in contrast to the conventional credit services whose terms were dictated by the retailers.
As a result users can spread their payments between three and 18 months and it can be either integrated directly by the retailer or they can route customers through the bFlex platform.
Whitepapers
Related reading
Central banks best suited to issue digital currencies
By Aaran Fronda A recent report by the Official Monetary and Financial Institutions Forum (OMFIF) said that central banks rather than private ... read more
Instant payments: innovations inbound for corporates
In 2020, instant payments look set to continue their current trajectory to become the biggest trend in payments. While these schemes already offer numerous benefits to corporates, leveraging innovations such as APIs and request to pay will go some way to unlocking their full potential, argues Michael Knetsch
Obstacles exist for banks to meet ECB’s instant payments goal
The cost of joining instant payment platforms will be one of many hurdles banks and payment services providers must overcome to meet ... read more
Banks must be aware of “biases” in data used to train ML models
Financial institutions need to be conscious of biases in the historical data that is being used to train machine learning (ML) models, ... read more
