Skeps is a white-label technology provider that other companies can use to deliver buy now, pay later (BNPL) point-of-sale financing programs to merchants, which operates on a blockchain.

Within their own environment, lenders make available to Skeps a byte code version of their risk models. The private blockchain executes credit evaluations within the merchant’s environment, where it can incorporate a buyer’s data. At all times, a lender’s proprietary information remains unknown to Skeps and the merchant. Skeps holds a U.S. patent on its distributed underwriting technology.

U.S.-based customers of Skeps include two banks and five fintechs. Collectively, they are handling $200 million a month in BNPL purchases. First National Bank of Omaha (FNBO) is one of those customers. It uses Skeps’s platform with retailers such as Scheels, which are partners in co-branded credit card programs. The technology can be deployed quickly and helps protect co-brand card issuers from losing merchant partners to third-party BNPL specialists.

A test of Skeps technology by one of the five largest U.S. banks began this month. The company seeks partnerships with banks that want to offer BNPL to their customers, including smaller lenders such as credit unions.

However, Skeps does not offer credit. Skeps executes its lenders' risk and credit policies and follows all of their regulatory guidelines. Any BNPL product can be supported in any market worldwide. Further, the company's distributed underwriting capability can be used for instant credit approval for business-to-business BNPL transactions.

Now that we know who Skeps is and what they do, let's look at the Nilson report and why it is a big deal in the finance world. 

About the Nilson Report

The Nilson Report, in its 50th year of publication, is the most respected source of news and analysis of the global card and mobile payment industry, and its newsletter is the most trusted source of international news and statistics about the payment industry. It is an essential tool for anyone looking to understand the many aspects of the credit, debit, and prepaid card business.

The Nilson report publishes 22 issues annually, and each is filled with quality market data and commentary to keep journalists, business owners, researchers, and thought leaders up-to-date on important trends and insights. Being included in the Nilson report is a landmark for businesses looking to make waves in the finance space.

About Skeps

Skeps is a next-gen POS financing platform that is accelerating financial institutions' entrance into the BNPL space. Our cloud-based modular suite of products enables banks and fintechs to develop and deploy new or existing products quickly and easily at the point of sale. By creating a true end-to-end platform, banks and fintechs can now balance the need for speed to market with the use of core competencies such as servicing or underwriting.

We offer a true omnichannel software platform, which can be used with any sales channel or billing system. It is a white-label product, allowing lenders to take advantage of the consumer rapport developed by offering such simple and accessible financial products at the point of sale.

We appreciate the Nilson Report’s coverage of our business, and we take it as a motivation to continue offering the best and most convenient POS financing in the industry.

Offer Consumer Financing With Skeps

Skeps offers a comprehensive, end-to-end consumer financing program that helps businesses modernize their entire payment process. We go above and beyond one-click payment, also offering a one-click application process for several different types of consumer financing, including:

• BNPL
• Store credit cards
• Consumer loans, and leases

If you’re looking to partner with a forward-thinking fintech company that will keep consumers' eyes on the purchase while offering best-in-class financing, Skeps is the perfect fit.