Payitoff Launches Myriad of FinTech Products in 2023 – Bringing Robust Consumer Debt Guidance Tools to Every FinTech Portal

Until recently, the only institution that issued credit cards and loans, offered debt refinancing, checking and savings accounts, and provided investment advice was a traditional financial institution, but those days are over.

Today, companies like Costco, Hy-Vee, Taverns and Walmart issue your own credit cards, offer checking and savings accounts, sell insurance, car loans, mortgages and more. The same applies to digital suppliers such as Credit Karmathat offer checking and savings accounts, Robin Hoodwhich offers advice on share trading, and Paymentwhich provides a solution that makes it easy for any business – from a workplace provider to a financial advisor – to offer personalized debt management services.

“We provide financial institutions and apps with the infrastructure to offer consumers automated smart guidance about their debt – something they previously either had to go to a financial planner/advisor for, or struggle on their own,” says Payitoff CEO Bobby Matson. “It’s easy for financial institutions and apps to embed, which means it’s incredibly easy to set up.”

Just as the first two decades of the 2000s saw virtually every company become a technology company – or at least offer some digital products and services – the coming decades may see a huge expansion in the availability of financial services that were previously the exclusive domain of banks. . In recent years, FinTechs as well as brands with an unrelated core product or service have proven the value of expanding into financial services, and new technologies like Payitoff’s API are only making it more possible for others to follow suit.

“Providing consumers with actionable insight into their debt benefits any business because it empowers consumers to improve their quality of life, the amount of money in their pockets and bond loyalty with the business,” says Matson. “Perhaps in the future we will see more traditional businesses enter automated FinTech.”

Matson adds that the availability of such technologies is increasing along with the amount of everyday Americans who can take advantage of automated financial services such as debt management.

“Consumer debt is only growing right now, and borrowers are looking for help,” he said. “The partners that offer our technology are going to be the winners in the market to offer these benefits to consumers.”

Matson explains that access to debt management is in demand as US debt continues to spiral out of control. At the end of 2022, the borrowing reached unprecedented levelswith liabilities in the bottom 90% of revenues jumping $300 billion compared to the same period a year earlier.

“The consequences of the debt losses we are seeing now mean that borrowers will not be able to afford financial products, which could have serious financial implications,” he said. “The brands that can help these borrowers overcome their debt will take advantage of a huge opportunity to not only do good in the world, but also earn loyal customers for the rest of their financial futures by building this relationship with them.”

Matson knows what it’s like to be at the bottom of a crushing debt cycle. He founded the company after he and his partner delayed life plans — like buying a home and having children — as a direct result of their six-figure student loan and credit card debt. He explains that borrowers are often overwhelmed by not only the volume, but also the complexity of the debt. “Borrowers need a simple, accessible way to understand their best next step and that there is a way forward – that’s where our consumer debt infrastructure comes into play,” he says.

Payitoff’s software provides personalized recommendations and guidance by tapping into the borrower’s account, much in the same way that banks and investment platforms use this visibility to offer automated financial services at scale. Payitoff, which can be easily embedded into an app or website, can also handle third-party payments. “For example, we help workplace providers enable employers to contribute to their employees’ debt through Payitoff,” explains Matson.

With interest rates and inflation on the rise, Matson says borrowers need these services more than ever, providing a unique opportunity for FinTechs and other businesses to further their relationship with customers.

“The technology to help these borrowers exists,” he says, “so it’s up to FinTechs to embrace it and help borrowers regain their financial power.”

This post was written by an external contributor and does not represent Benzinga’s opinions and has not been edited for content. This content contains sponsored advertising content and is for informational purposes only and is not intended to be investment advice.