FIS launches embedded finance offering in partnership with Treasury Prime

Rick Steves

Embedded finance is a key industry trend that makes it possible for any company to add financial services capabilities such as banking, credit, payments, insurance and investments via API. 

FIS has announced a new embedded finance offering to address the needs of community and regional banks as they look to offer the most advanced digital capabilities and open new channels for distribution.

Developed in partnership with Treasury Prime, the API-based offering provides FIS’ banking clients and the businesses they serve with new ways to manage deposits, accounts payables and other critical banking processes digitally and remotely.

Digital commercial bank Grasshopper has become the first financial institution to tap into FIS’ embedded finance services.

Embedded finance is a key industry trend

Kelly Beatty, Head of Payments at FIS, said: “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. 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.”

Chris Dean, co-founder and CEO at Treasury Prime, commented: “The banks that take advantage of embedded services now have the opportunity to become the foundation for a new generation of financial institutions. 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.”

Chris Tremont, Chief Digital Officer at Grasshopper, added: “We are very excited to partner with FIS and Treasury Prime on this large and growing embedded finance opportunity. 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.”

Embedded finance is a key industry trend that makes it possible for any company to add financial services capabilities such as banking, credit, payments, insurance and investments via API.

This makes it easier for small and mid-size financial institutions to offer enhanced digital banking services to their customers and help financial institutions create new revenue streams by expanding their client base outside their traditionally local footprint.

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