Citizens Financial Group’s Citizens Pay is developing a new product offering to further enhance the platform’s ability to facilitate secure transactions as demand for contactless payments and digital wallets continues to tick up for e-commerce. 

The $226 billion bank’s Citizens Pay platform allows business clients to finance large purchases through a combination of buy-now-pay-later offerings and a private-label credit product.

The latest product initiative will launch in 2024 and “aligns with the substantial growth observed in the e-commerce sector, primarily attributed to the rapid adoption of innovative payment solutions that enhance the overall shopping experience,” Christine Roberts, executive vice president and president of Citizens Pay, told Bank Automation News.  

As Citizens Pay looks to meet consumer demand, retailers, too, are looking to the financing solution provider to simplify “retail-specific financing solutions,” Roberts said. 

To meet the needs of both consumers and retailers, Citizens Pay looks to third-party tech providers to enhance innovation efforts, Roberts said.  

To create those seamless solutions, Roberts said Citizens Pay has teamed up with the following fintechs to meet consumer demand and provide financing solutions to several industries: 

• In June 2023, Citizens and embedded pay-over-time platform Wisetack teamed up to offer Citizens Pay to Wisetack’s network of merchants, including home service, auto repair, dental and veterinary service providers.  
• In 2020, Citizens established a partnership with fintech Jifiti, which powers white-labeled embedded lending solutions for banks, lenders and merchants.  
• In 2019, Citizens collaborated with technology firm and developer LiftForward to create integrated financing for Microsoft’s Xbox All Access program, according to LiftForward’s website.   

“Through strategic partnerships and industry collaboration, we continue to innovate and meet customer demand,” Roberts said. 

Citizens Pay is used by online retailers including BJ’s Wholesale Club and tech giant Microsoft, according to Citizens. 

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