Cornerstone Financial Credit Union Launches BNPL to Members, First in Tennessee

Credit union meets members' financial flexibility needs with instant access to extra funds while helping them stay within their budget

Cornerstone Financial Credit Union (Cornerstone) announced that it has added Buy Now, Pay Later (BNPL) to its online banking to provide members with on-the-go access to instant funds and extra flexibility. With over $627 million in assets and serving over 48,000 members, Cornerstone is the first credit union to launch BNPL in Tennessee.

Cornerstone has selected equipifi, a leading BNPL platform designed for financial institutions, to power its solution. With this launch, Cornerstone will extend personalized, pre-qualified BNPL offers to members in its digital banking experience. Cornerstone's BNPL program includes both a pre-purchase feature that gives members access to extra funds prior to shopping, and a post purchase feature that converts eligible debit card transactions into installment loans.

"Our mission is to deliver competitive offerings and exceptional services to our members, and that means providing them with financial flexibility when they need it," said Donna Young, President of Cornerstone. "Launching BNPL with equipifi helps us meet our members where they are, and show our commitment to their entire financial lifetime."

"Buy Now, Pay Later is a service that consumers need and want to receive from their financial institution," said Bryce Deeney, CEO and co-founder of equipifi. "By launching BNPL, Cornerstone Financial Credit Union is providing their members with an elevated banking experience where they can be there for every important financial moment."

Over fifty credit unions have launched their own BNPL product to their members. equipifi's data shows that over 79 percent of members continue to use BNPL in year two, with overall usage increasing by 38 percent. In the US, BNPL is projected to grow at a compounded annual rate of 25.5 percent between 2022-2026.