More financial freedom: solarisBank and American Express cooperate for innovative installment product
Berlin/Frankfurt am Main – 25.06.2020. For the first time, members of a personal American Express Card in Germany will be able to use an installment option for card payments of EUR 300 or more. This is made possible thanks to a new cooperation with solarisBank. The technology company with a banking license has developed a new installment product "Splitpay". This new service will go live in a pilot phase in July and will be available to all members of a personal American Express Card in the course of 2020.
The "Splitpay" product developed by solarisBank is provided in cooperation with American Express. This new installment product enables American Express cardholders to receive an installment loan for card payments over 300 euros retrospectively. solarisBank provides the necessary loans as well as the technology for the product. American Express provides the user interface into which Splitpay is seamlessly integrated via API. Cardholders sign up for the credit agreement completely online.
We are very pleased to be able to offer our Cardmembers a new, outstanding service with Splitpay, empowered by solarisBank, giving them even more financial freedom. With Splitpay, our customers will be able to use their American Express Cards even more flexibly. The security of our customers is extremely important to us. Therefore, via secure pathways, only the data that is essential for the processing of the service is transmitted. Splitpay is a strong example of continuous product innovation at American Express and shows that we are always finding new ways to make payments convenient, simple and fast for our Cardmembers.Fabiana Mingrone, General Manager Consumer Services at American Express
To be able to take out an installment loan for card payments above 300 euros made within the past 90 days, American Express Cardmembers receive an individual credit line upon successful completion of a one-time application process with an online identification. Up to this fixed amount, cardholders can then utilize installment loans for individual card payments. For each installment loan, the desired duration can be set individually. With just two clicks, individual installment loans within the granted credit line can therefore be used for further subsequent card payments without requiring repeated signature and identification.
The cooperation will go live in a pilot phase in July and will be made available to members of a personal American Express Card in Germany in the course of 2020.
„We collaborated with American Express on the development of Splitpay to offer customers an extremely simple, convenient and fast installment product. We are proud that we were able to launch this cutting-edge product with a global powerhouse such as American Express in just six months from development to release. It shows that we are following through on our vision of contextual banking, where financial products are seamlessly integrated into the products of others.Roland Folz, CEO of solarisBank
solarisBank AG is the first Banking-as-a-Service platform with a full banking license that enables companies to offer their own financial products. Through APIs, partners gain access to solarisBank’s modular services including digital bank accounts and payment cards, identification and lending services, as well as services provided by integrated third party providers. Through this, solarisBank creates a highly developed technological banking ecosystem for fintechs and established digital companies, as well as banks and corporates.
After having established itself as the banking partner of choice for blockchain and crypto businesses, solarisBank founded solaris Digital Assets GmbH in 2019 to further drive the adoption of digital assets. The 100% subsidiary of solarisBank offers a custodial solution for digital assets to complement its existing banking services.
The Berlin-based company was founded back in 2016 and is led by CEO Dr. Roland Folz, board members Jörg Diewald, Dr. Jörg Howein and Thom Rasser, as well as COO Dr. Daniel Seifert and CTO Hima Mandali. To date, solarisBank has raised more than EUR 100 million from renowned investors, including BBVA, Visa, Lakestar, ABN AMRO’s Digital Impact Fund, SBI Group, finleap and yabeo.
American Express is a globally integrated payments company, providing customers with access to products, insights and experiences that enrich lives and build business success. Learn more at americanexpress.com, and connect with us on facebook.com/americanexpress, instagram.com/americanexpress, Linkedin.com/company/american-express, twitter.com/americanexpress, and youtube.com/americanexpress.