logo
IHMVCU Launches In-House Buy Now, Pay Later for More Member Flexibility

IHMVCU Launches In-House Buy Now, Pay Later for More Member Flexibility

Yahoo23-06-2025
Members can now split purchases over time using their IHMVCU debit card and checking account
MOLINE, Ill., June 23, 2025 /PRNewswire/ -- IH Mississippi Valley Credit Union (IHMVCU), headquartered in Moline, IL, and serving more than 143,000 members with over $2.1 billion in assets, has introduced a Buy Now, Pay Later (BNPL) option to its digital banking lineup. This new feature enhances IHMVCU's commitment to financial flexibility by providing members with even more convenient and accessible tools within their digital banking experience.
To power its BNPL solution, IHMVCU has partnered with equipifi, a leading platform built specifically for financial institutions. Through this integration, members can easily view and accept personalized, pre-qualified BNPL offers directly within their digital banking experience, with funds deposited into their checking account within minutes. The program is designed to support members throughout their entire shopping journey – offering a pre-purchase option for accessing additional funds in advance, as well as a post-purchase feature that transforms eligible debit card transactions into manageable installment payments.
"IHMVCU is dedicated to providing our members with convenient financial solutions tailored to their unique paths toward financial success," said Brian Laufenberg, President and CEO of IHMVCU. "By launching an in-house BNPL with equipifi, we're empowering our members with flexible, secure, and convenient options, giving them greater confidence and peace of mind as they manage their everyday finances."
"BNPL is a powerful tool when provided by credit unions because it creates financial flexibility and opportunities for their entire membership in a way that is safe and tailored for individual members," said Bryce Deeney, co-founder and CEO of equipifi. "By launching the solution in their digital banking experience, credit unions like IHMVCU are positioning themselves to better serve their members, from everyday budgeting decisions to unexpected expenses."
More than sixty credit unions have introduced their own Buy Now, Pay Later (BNPL) offerings to members. According to equipifi data, over 81% of users continue to utilize BNPL into their second year, with overall usage rising by 38%. In the U.S., BNPL adoption is expected to grow at a compound annual rate of 25.5% between 2022 and 2026.
About IHMVCUIHMVCU Credit Union is over 143,000 members strong and has over $2B in assets. Our continued growth is a direct result of the trust our members place in us and the advantages we provide to them. For more information, visit www.IHMVCU.org.
About Equipifiequipifi is the leading Buy Now, Pay Later (BNPL) platform for financial institutions in the United States. This is a white label solution designed to align with consumer purchase habits, payment preferences, and financial goals. The Equipifi platform seamlessly integrates with leading banking cores and digital banking platforms to deepen customer engagement, grow market share, increase revenue, and provide a single place to view, accept, and manage BNPL plans on their existing banking app. For more information, please visit http://www.equipifi.com/.
View original content to download multimedia:https://www.prnewswire.com/news-releases/ihmvcu-launches-in-house-buy-now-pay-later-for-more-member-flexibility-302487432.html
SOURCE equipifi
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Discover costs mount for Capital One
Discover costs mount for Capital One

Yahoo

time11 hours ago

  • Yahoo

Discover costs mount for Capital One

This story was originally published on Banking Dive. To receive daily news and insights, subscribe to our free daily Banking Dive newsletter. Dive Brief: Capital One reported a $4.3 billion second-quarter loss Tuesday, as the bank begins digesting its acquisition of Discover. The McLean, Virginia-based lender – whose assets jumped about 34%, to $659 billion, once the acquisition was completed in the second quarter – said Discover integration costs will surpass the $2.8 billion estimate originally shared, although Capital One CEO Richard Fairbank didn't provide more detail during the bank's second-quarter earnings call. Opportunities the Discover purchase presents are exciting, 'but they will require significant investment to bring them home,' Fairbank said. 'We're very compelled by the opportunities on the other side, but it's very clear to us that it's a multiyear journey and it's going to require quite a bit of investment.' Dive Insight: Although the Discover deal was originally estimated at $35.3 billion when it was announced in February 2024, the fair value purchase consideration was actually $51.8 billion when the deal closed May 18, Capital One disclosed Tuesday. The bank's integration budget includes deal costs, moving Discover onto its technology stack, integrating the Riverwoods, Illinois-based company's products and experiences, added investments in risk management and compliance, and integrating Discover's workforce, Fairbank told analysts during Tuesday's earnings call. 'As we have gotten more granularity on each of these efforts, we expect our integration costs will be somewhat higher than our previously announced $2.8 billion,' Fairbank said. For the first six months of the year, Capital One spent about $409 million on Discover integration expenses. Discover-related expenses in the second quarter totaled $9.4 billion, counting money set aside for some Discover loans. 'As we get deeper into it, it is … coming in somewhat higher,' Fairbank said. 'But it's not in any one thing. It's really just across a variety of the many elements of this deal.' On top of merger integration costs, Capital One CFO Andrew Young noted the bank plans to continue investing, too, including by building out additional capabilities for debit on Discover's network, in part to increase customer engagement. Fairbank stressed that investments in technology will remain a priority for Capital One, which aims to be a 'technology company that does banking.' 'Management noted ongoing investment in tech stack for operational efficiency and marketing / customer experience to remain competitive,' Jefferies analyst John Hecht wrote in a Tuesday note. 'It is clear that [Capital One] is planning on a several-year-journey in investing in the network from several perspectives (brand, technology, etc.).' Capital One also reiterated its expectation of $2.5 billion in deal synergies. 'This quarter reminded me of college physics class - I see the numbers and hear the words but only have a vague grasp of what is actually happening,' Truist Securities analyst Brian Foran wrote in a Tuesday note. Also Tuesday, a judge granted Capital One's request to put evidence-sharing on hold in a lawsuit the Trump Organization has filed against the bank. The lawsuit, filed in March, lodged de-banking accusations against Capital One, saying the lender closed hundreds of Trump-related bank accounts in 2021 because it believed 'the political tide at the moment favored doing so.' In May, Capital One asked the judge to dismiss the lawsuit, saying the Trump Organization's 'generalized allegations' of politically motivated de-banking don't hold up and its claims lack factual or legal support. Tuesday's order halts the discovery or evidence-sharing process until after the judge issues a decision on tossing the lawsuit. Recommended Reading Synapse partner banks hit with lawsuit over fund mismanagement Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

Exelon's Q2 2025 Earnings: What to Expect
Exelon's Q2 2025 Earnings: What to Expect

Yahoo

time11 hours ago

  • Yahoo

Exelon's Q2 2025 Earnings: What to Expect

Chicago, Illinois-based Exelon Corporation (EXC) is a utility services holding company. Valued at a market cap of $44.1 billion, the company purchases, distributes, and sells electricity and natural gas to residential, commercial, industrial, governmental, and transportation customers. It is expected to announce its fiscal Q2 earnings for 2025 before the market opens on Thursday, Jul. 31. Ahead of this event, analysts expect this utility company to report a profit of $0.43 per share, down 8.5% from $0.47 per share in the year-ago quarter. The company has topped Wall Street's earnings estimates in each of the last four quarters. In Q1, EXC's EPS of $0.92 outpaced the forecasted figure by 8.2%. More News from Barchart Array Technologies (ARRY) Just Flashed a Statistically Significant Reversal Signal for Options Traders Crude Oil Price Fall on Concern About Energy Demand Forecasts for Milder US Weather Weigh on Nat-Gas Prices Get exclusive insights with the FREE Barchart Brief newsletter. Subscribe now for quick, incisive midday market analysis you won't find anywhere else. For fiscal 2025, analysts expect Exelon to report a profit of $2.69 per share, up 7.6% from $2.50 per share in fiscal 2024. Furthermore, its EPS is expected to grow 4.8% year-over-year to $2.82 in fiscal 2026. EXC has soared 22.6% over the past 52 weeks, outperforming both the S&P 500 Index's ($SPX) 13.4% gain and the Utilities Select Sector SPDR Fund's (XLU) 20.3% return over the same time frame. Despite delivering better-than-expected results, EXC's shares closed down marginally on May 1, after its Q1 earnings release. The company posted revenue of $6.7 billion, 4% above the consensus estimates and representing an 11.1% increase from the year-ago quarter. Moreover, its adjusted EPS of $0.92 advanced 35.3% from the same period last year, exceeding Wall Street estimates by 8.2%. Looking ahead, Exelon reaffirmed its fiscal 2025 adjusted EPS guidance, projecting it to range between $2.64 and $2.74, and maintained its operating EPS compounded annual growth target of 5% to 7% through 2028. Wall Street analysts are moderately optimistic about EXC's stock, with an overall "Moderate Buy" rating. Among 18 analysts covering the stock, seven recommend "Strong Buy," nine indicate "Hold," and two suggest "Strong Sell.' The mean price target for EXC is $47.69, indicating a 7.3% premium from the current levels. On the date of publication, Neharika Jain did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

Social Security: Young Americans May Lose $110,000 to Keep Program Afloat
Social Security: Young Americans May Lose $110,000 to Keep Program Afloat

Newsweek

time14 hours ago

  • Newsweek

Social Security: Young Americans May Lose $110,000 to Keep Program Afloat

Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Social Security, a foundational program for U.S. retirees and disabled Americans, has come under renewed scrutiny as funding shortfalls loom. A new report by the Cato Institute warned that today's young workers might lose up to $110,000 in lifetime earnings to keep the program afloat. Why It Matters With the Social Security Trust Fund projected to reach insolvency in the next decade, younger workers now face the possibility of significant financial sacrifices to maintain the system for current and future beneficiaries. More than 60 million Americans receive benefits every month. And according to Justice in Aging, Social Security lifts more than 22 million people out of poverty, including over 16 million older adults and almost 1 million children. he Social Security Administration office in Brownsville. he Social Security Administration office in Brownsville. Robert Daemmrich Photography Inc/Corbis via Getty Images What To Know Social Security faces a potential crisis as its trust fund is predicted to be depleted by the mid-2030s, according to recent projections. The primary driver is an aging population, particularly as Baby Boomers retire and a shrinking base of younger workers are paying into the program. As a result, the Social Security Administration would only be able to pay about 80 percent of scheduled benefits unless funding solutions are enacted. The Cato Institute reported that keeping Social Security solvent in its current form would require today's young workers—those just entering the labor market—to contribute significantly more over the course of their careers. If changes are not made, these workers could see a reduction equivalent to $110,000 of their lifetime earnings due to higher taxes and/or reduced benefits, according to the Cato Institute. That figure is based on the latest report from the Social Security Trustees, which said Congress would need to hike the payroll tax rate immediately and permanently by 3.65 percentage points, from 12.4 to 16.05 percent, to close the program's $25 trillion funding gap and continue to send out scheduled payments. "That means less discretionary income in each paycheck, which could have ripple effects on their day-to-day finances and long-term savings," Kevin Thompson, the CEO of 9i Capital Group and the host of the 9 innings podcast, told Newsweek. "A tax increase would be a hit to growth as less discretionary spending means less in corporate earnings." According to the Cato Institute, this cut would be equivalent to giving up 20 months of pay at the worker's average monthly wage. "There are endless variables affecting Social Security, but in the end, the math does not lie," Drew Powers, the founder of Illinois-based Powers Financial Group, told Newsweek. "To keep the program going, there will be adjustments in the current payroll taxes, income caps, and full retirement age. We could see a return of the Retirement Earnings Test and may even see means testing for the highest income retirees." This could cause outrage across the general public, which has generally favored targeting higher earners rather than taking away from future retirees' payments. A University of Maryland Program for Public Consultation survey showed that 53 percent of American adults considered it acceptable to reduce Social Security benefits exclusively for the Top 40 percent of income earners. This targeted reduction would address approximately 23 percent of the program's projected funding shortfall. There was also bipartisan support for raising the retirement age, which could close an additional 15 percent of the funding gap. What People Are Saying Drew Powers, the founder of Illinois-based Powers Financial Group, told Newsweek: "Younger workers, especially the youngest of the Millennials and all of Gen Z and beyond, should expect Social Security to look different for them than it does now. Adjustments to Social Security are rarely popular, but in the past Congress has been willing to act in the face of dire circumstances, such as in 1983 when the Full Retirement Age was extended." Kevin Thompson, the CEO of 9i Capital Group and the host of the 9 innings podcast, told Newsweek: "While such an increase would extend the solvency of Social Security by about 75 years, it's not a complete solution. The real fix would likely require both raising the payroll tax and removing the income cap. But let's be honest—that kind of proposal is a tough sell politically. Running on a platform to raise taxes rarely gains traction, even when it's tied to securing the future of Social Security." Alex Beene, a financial literacy instructor for the University of Tennessee at Martin, told Newsweek: "There's been an assumption made by Americans for decades now, and that is regardless of warnings and political posturing, Social Security will always be there to provide for retirees. The reality is there's a tremendous shortfall coming in the next decade, and if Congress doesn't act, beneficiaries will see their monthly payments dramatically reduced." What Happens Next With Social Security's financial future uncertain, Congress and the public are set to debate possible reforms, including benefit reductions for higher earners, payroll tax increases, and changes to the retirement age. The conversation will likely intensify as insolvency draws nearer in the next decade, with any enacted policy changes affecting both current retirees and younger generations entering the workforce. No official policy changes have yet been passed, but the heightened awareness and survey support for targeted reform suggest continued bipartisan attention to the problem in upcoming legislative sessions. "There are obviously different solutions to the shortfall that don't involve raising that percentage, but it does present a grim prediction for the American workforce if Congress doesn't act on a more efficient solution," Beene said.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store