PYMNTS-MonitorEdge-May-2024

Swivel Enables Banks to Accept Loan Payments Through Apple Pay

Apple Pay, Swivel, loan payment

Swivel is now enabling its credit union and community bank clients to accept loan payments through Apple Pay.

The FinTech has integrated its transaction enablement solutions with Apple Pay, Swivel said in a Thursday (July 25) press release.

One special feature of Swivel’s integration with Apple Pay is that it automatically filters the cards loaded within a consumer’s Apple Pay wallet and presents only the ones that can be used for an individual loan, according to the release.

This solves a problem that can come up due to the fact that financial institutions will not accept certain forms of payment (such as a credit card) against a consumer loan or auto loan, per the release.

“The whole idea of digital wallet technology is to provide a frictionless, easier payment experience for consumers, but too often the opposite is the case when non-accepted payment options are presented to the consumer,” Jason O’Brien, CEO of Swivel, said in the release.

“With our innovative Apple Pay integration, we are solving that problem for the financial institutions we serve, supporting better digital banking experiences for their customers and driving better loan payment performance through the channel,” O’Brien added.

This feature streamlines the loan payment process, enhances the customer experience and improves the performance of payment reminders sent to customers through the mobile channel, according to the release.

The Apple Pay integration is now available to the more than 800 credit unions and banks across the United States that use Swivel’s solutions, per the release.

PYMNTS Intelligence has found that Apple Pay has overtaken PayPal as consumers’ favorite mobile wallet for in-store use.

While PayPal was retail customers’ digital wallet of at the start of 2022 — by a wide margin — Apple Pay has taken the lead in the time since.

As of the second quarter, 12% of consumers said they made their most recent retail purchase using a digital wallet, with 6% saying they used Apple Pay and 4% saying they used PayPal.

In an earlier move by Swivel, the company said in February that it selected J.P. Morgan Payments under its payment facilitator model to process direct card transactions and continue migrating clients from their indirect/referral model.

PYMNTS-MonitorEdge-May-2024