FIS launches embedded banking platform for US banks
FIS has launched an embedded banking platform that lets US banks deliver accounts and payments directly within the business software their corporate customers use each day, the company said in a statement dated September 3. It is the company’s first embedded finance product built specifically for banks.
The platform addresses a shift in how corporate customers expect to bank, FIS said. Rather than logging into a separate banking portal, businesses increasingly want account access, payment initiation and cash visibility inside enterprise resource planning systems, accounting packages and industry software they already run.
Embedded finance has largely developed outside traditional banking, with technology providers and fintechs supplying financial services inside non-financial software while banks sit further back in the chain as licence holders and balance sheet providers. Products aimed at letting banks own that distribution directly are a more recent development.
FIS is among the largest payments and banking technology providers in the United States, supplying core processing, card issuing and merchant services to financial institutions. The company trades on the New York Stock Exchange under the ticker FIS.
The launch follows a period of restructuring across the largest US processors. Fiserv named a new chief executive in June and disclosed in July that it was exploring a sale of its STAR debit network. Global Payments completed its acquisition of Worldpay in January.
