SWIFT publishes new ‘Pay Later’ API standard
New API standard will drive uptake of innovative instant loan approval process, increasing payment and borrowing choices for consumers
Brussels, 16 January 2019 - SWIFT has today published a standard for ‘Pay Later’ APIs in a key step toward enabling the rapid adoption of an innovative new consumer payment model.
‘Pay Later’ is an instant online payment facility which offers customers the ability to use traditional bank loan financing to pay for goods purchased online. By selecting Pay Later at the point of purchase, customers are provided with available loans from their banks; they can then select and initiate a loan, knowing that the funds can immediately be credited to the merchants and items dispatched. By offering the Pay Later option, merchants are in turn able to offer a wider variety of purchase options and to reach a wider consumer audience, whilst still ensuring surety of payment.