FIS Helps Small and Mid-Sized Financial Institutions Digitally Transform Through New Embedded Finance Capabilities in Partnership with Treasury Prime
May 11 2022 - 8:00AM
Business Wire
Key facts
- New FIS embedded finance offering is developed in partnership
with Treasury Prime using application programming interfaces (APIs)
that make it easier for financial institutions to offer enhanced
digital banking capabilities.
- Embedded finance services are easily scalable and create new
revenue streams for small and mid-sized banks and fintechs by
delivering solutions such as digital deposits, accounts payables,
and other banking processes that augment or enhance the banks’
proprietary digital footprint.
The global economy’s digital transformation is accelerating, and
community and regional banks are seeking ways to offer the most
advanced digital capabilities and open new channels for
distribution. To help these financial institutions meet the growing
need for digitally-native banking experiences and grow their client
base, FIS® (NYSE: FIS) has announced a new embedded finance
offering developed in partnership with Treasury Prime.
Embedded finance is a key industry trend that enables any
company to become a fintech company by embedding financial services
capabilities such as banking, credit, payments, insurance and
investments in their digital channels. By making it easier for
small and mid-size financial institutions to offer enhanced digital
banking services to their customers, FIS’ embedded finance offering
can empower them to compete in new ways.
Through this innovative application programming interface
(APIs)-based offering, FIS’ banking clients and the businesses they
serve will have new ways to manage deposits, accounts payables and
other critical banking processes digitally and remotely.
Embedded finance can also help financial institutions create new
revenue streams by expanding their client base outside their
traditionally local footprint.
“Embedded finance is a growing trend in the market because it
allows businesses to bring innovative ideas quickly to market by
combining financial services with user experiences right at point
of need,” said Kelly Beatty, Head of Payments at FIS. “Embedded
finance also extends the seamless convenience of in-app
purchases—like for a ride-share—to commercial uses such as lending,
paying bills, contractors, and insurance. These are all experiences
centered around the needs of customers. By integrating financial
services into business software, those consumer expectations are
met in new channels and extend the vast reach of financial
services.”
“The banks that take advantage of embedded services now have the
opportunity to become the foundation for a new generation of
financial institutions,” said Chris Dean, co-founder and CEO at
Treasury Prime. “Banks are starting to see the potential revenue
streams embedded finance promises, and we’re excited to be working
with FIS to help these clients with the processes, security and
integration to deploy these banking services rapidly.”
The first financial institution to tap into FIS’ embedded
finance services is Grasshopper, a leading-edge, digital commercial
bank. Grasshopper partnered with HUMBL, a Web 3 blockchain company
with both consumer and commercial divisions, to utilize their bank
services, powered by FIS and Treasury Prime, across its user
base.
“We are very excited to partner with FIS and Treasury Prime on
this large and growing embedded finance opportunity,” said Chris
Tremont, Chief Digital Officer at Grasshopper. “Our vision has been
clear from the start: we wanted to better serve the needs of
fintechs, small and medium-sized businesses, and the venture
community. This BaaS platform and sophisticated set of APIs allows
us to leverage technology and provide an enhanced banking
experience for our clients.”
About FIS
FIS is a leading provider of technology solutions for financial
institutions and businesses of all sizes and across any industry
globally. We enable the movement of commerce by unlocking the
financial technology that powers the world’s economy. Our employees
are dedicated to advancing the way the world pays, banks and
invests through our trusted innovation, system performance and
flexible architecture. We help our clients use technology in
innovative ways to solve business-critical challenges and deliver
superior experiences for their customers. Headquartered in
Jacksonville, Florida, FIS is a member of the Fortune 500® and the
Standard & Poor’s 500® Index. To learn more, visit
www.fisglobal.com. Follow FIS on Facebook, LinkedIn and Twitter
(@FISGlobal).
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version on businesswire.com: https://www.businesswire.com/news/home/20220511005068/en/
Kim Snider, +1 904.438.6278 Senior Vice President FIS Global
Marketing and Communications kim.snider@fisglobal.com
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