Transaction-to-Instalment Conversion via Way4 Web or Mobile Banking
<New option, separately licensed>
Now Way4 supports instant user-initiated conversion of past transactions into instalments. Financial institutions use this feature to save costs on issuing dedicated instalment cards. Customers in their turn benefit from more flexible management of their existing cards and accounts.
The new feature is accessible from the transaction history and works in this way:
The user chooses a payment to convert into an instalment.
The next screen offers a choice of the preferred instalment duration or number of monthly payments and displays the automatically calculated interest rate and other details.
After confirmation, Way4 returns the transaction amount to the card or account used for the initial purchase. The app informs the user about the new instalment product, its payment schedule and options for paying off the debt before its due date in full or partially.