Embedded finance has emerged as a groundbreaking concept dramatically transforming when, where, and how people interact with financial services. This technology enables non-financial companies to include financial services in their digital products. These financial services include everything from banking to insurance, lending, and payment processing.
Effective embedded finance allows companies to enhance customer satisfaction and improve business revenue. It supports them in meeting their customers with the financial options they need without customers having to leave their platform ecosystem.
Even better, it seamlessly integrates into everyday operations such as e-commerce platforms like Amazon and ride-sharing apps like Uber. To leverage embedded finance, companies don’t necessarily need to invest in the fintech application development cost. These usually come in the form of plug-ins and within a reasonable price range.
In this article, we’ll explore embedded finance, specifically focusing on embedded payments. Keep reading to learn about the prominent embedded finance companies and platforms reshaping the future of payment!
Embedded Payments: The Most Common and Notable Aspect of Embedded Finance
Embedded finance integrates financial solutions into existing customer touchpoints such as social media or e-commerce platforms. As such, there is a wide array of embedded finance products, the most common being embedded payments.
Taking out a credit/debit card and entering the details is a friction point that causes many consumers to abandon an online purchase. Embedded payments make this process easier by connecting and saving the payment method for later use with a simple click. However, these payments are not limited to cards. They give consumers the choice to pay directly from their bank accounts while saving merchants on charges.
Rather than making customers jump through multiple hoops to make payments, merchants can bring payments directly within the software they utilize to manage the business. One example that underlines the potential of embedded payments is Uber, which automatically charges the payment method as the ride comes to an end.
5 Embedded Finance Platforms Reshaping the Payment Landscape
As the embedded finance ecosystem continues to evolve, companies and platforms are coming up left and right, hoping to fill the needs of businesses looking to provide a seamless payment process. Let’s take a look at them.
- Plaid
Grow your business with an embedded payment solution designed to improve customer experience, drive revenue, and reduce fraud. Plaid makes it easier and faster to set up bank payments through a flow designed with the user experience and safety in mind. Their APIs make it straightforward for users to connect their bank accounts to your applications.
Plaid takes just a few lines of code to implement this solution, making its onboarding process seamless. Additionally, Plaid works with ACH processors in the United States to simplify bank-to-bank payments.
- Stripe
Stripe is one of the leading fintech development companies that offers payment processing software, enabling businesses to receive money from their customers easily. Companies of all sizes can accept payments, issue invoices, send payouts, and block fraud with Stripe.
Build your API-based integration or rely on the company’s low-to-no-code solutions, which are simple enough for quick implementation.
With its help, expand to new marketplaces as it offers cross-border payment options accessible in 195 countries across 135+ currencies. Stripe increases conversions and retains customers by providing built-in optimizations, access to multiple payment methods, and one-click checkout. It unifies in-person and online payments to deliver an excellent customer experience.
- Weavr
Weavr offers financial plug-ins that combine everything a business requires to embed financial services into its application. It’s ready-made with unlimited use cases, meaning users can select the required services and start creating value for their customers almost instantly.
Designed with a smart interface, Weavr solutions are not just meant for businesses. Freelancers, creators, and influencers have access to financial tools they require to make payments, manage cash flow, and reduce admin to focus on revenue.
Weavr even offers bespoke solutions, working with you to build the solution you need to improve your user experience.
- Railsr
Railsr is one of the well-known embedded finance platforms. The company’s APIs make integrating card and banking functionality into products and solutions easy. It offers financial services to a wide array of industries, from fintech to retailers and companies of all sizes.
With its embedded payment solution, companies can ensure a seamless customer experience that boosts engagement, raises revenue and improves overall growth.
Finance solutions, such as digital wallets, cards, or payments, are simple for them to create and blend into an embedded finance experience that integrates easily into a brand. Even better, organizations have to integrate just a single API and manage only one commercial agreement, having enough time to focus on their customers and business success.
- OpenPayd
OpenPayd is a global payment platform offering various banking and payment solutions to financial and non-financial institutions. Its services are supported by a global network of licenses and easily accessible with a single API.
With a sophisticated financial structure, OpenPayd ensures its partnered companies are creating new products, streamlining financial operations and managing payments at a global scale. It supports companies with card payments, automates global payments, accepts payments through any rail, and integrates direct payments from banks. As such, businesses can offer their customers multiple payment options and make things easier.
The infrastructure of OpenPayd solutions is built to handle thousands of transactions, ensuring that businesses don’t face any setbacks in delivering a superior experience to their customers.
Wrapping Up
As technology evolves, embedded finance continues to shape payment solutions worldwide, fostering innovation and enhancing financial well-being.
By embedding financial services with other products or solutions, businesses can deliver seamless and convenient access to financial solutions to their customers. Embedded finance platforms offer the unique opportunity to engage swiftly with financial transactions anywhere and anytime.
The listed platforms or companies are prominent names in the industry offering embedded finance solutions that are transforming the future of payments. With their embedded financial tools, companies can expand business operations, deliver customized experiences, and elevate the satisfaction of their customers.
Partnering with an embedded finance platform is one of the best ways to engage customers and deliver more value.
