Sileon unveils innovative feature as part of its comprehensive SaaS offering

Sileon is excited to announce the introduction of a new feature now available within its comprehensive SaaS solution. This new solution module is designed to promote responsible lending and offer better-tailored offers for cardholders. It also provides enhanced flexibility and convenience for both businesses and end users.

Offering BNPL for all transactions can lead to lending for very low amounts and inappropriate transactions, such as deposits at gambling companies or tax payments. Smart BNPL addresses these issues by allowing banks to focus on the most relevant and high-value transactions. Additionally, banks have long-term, stable customer relationships and take greater responsibility than BNPL providers, needing the ability to control who receives BNPL services.

“With the new BNPL solution module, we are setting a new standard for responsible lending. Banks can now control and customise BNPL offerings for the most relevant transactions, enhancing user experience and driving better conversion rates. This innovation reflects our commitment to meeting the evolving needs of businesses and end users.” Bahareh Zand, CPO, Sileon

This new solution module enhances responsible lending by enabling banks to take greater ownership and make informed decisions on who to target and/or exclude in their offerings. This control allows banks to decide who can use BNPL, when, and in what format, resulting in better-tailored offers for cardholders and improved conversion rates.

In addition, the user experience for customers in physical stores is significantly improved, as they no longer need to request BNPL as an payment option at the POS; it is seamlessly accessible in their bank's app. This enables banks to reach their customers at the point of transaction, milliseconds after the transaction is authorized, bypassing the complex infrastructure of POS. This not only ensures awareness of BNPL and results in high conversion rates but also a convenient user experience for the customer.

This new feature, currently available for Sileon's customers in Europe, it is initially limited to Mastercard cards, with plans to expand to other schemes and regions. Banks can easily set transaction eligibility rules in Sileon’s Portal when creating BNPL offers.

Sileon’s SaaS Platform acts as a core banking system for BNPL, offering all necessary capabilities to quickly launch a card-linked BNPL product tailored to market and user needs. The Solution modules enhance the Platform, simplifying and accelerating time to market while increasing flexibility for both B2B and B2C focuses.

For more information, please contact:
Kent Hansson, CEO, Sileon AB
Email: kent.hansson@sileon.com

About Sileon
Sileon AB (publ) is a global fintech company offering innovative card-linked Buy Now Pay Later (BNPL) SaaS functionality to banks, card issuers, and fintechs. With Sileon's BNPL product, customers can add BNPL to their existing credit or debit card base and run their B2B or B2C BNPL operations in-house. Sileon operates in a rapidly growing international market with an estimated transaction volume of USD 680 billion globally by 2025. Sileon is a strategic partner to Visa, enhancing our position and enabling new opportunities for our customers. Sileon is listed on the Nasdaq First North Growth Market, and the company's Certified Adviser is Carnegie Investment Bank AB (publ).