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Weavr, a cloud-based platform with offices in London, has officially introduced “Embedded Finance Cloud,” a new solution that makes it simpler for financial institutions to develop and distribute embedded finance solutions.
Projected to 2030, the ongoing surge in embedded financial solutions will propel companies in this sector towards an astonishing $7 trillion market capitalization, exemplifying the immense growth potential of the industry.
The plug-and-play finance provider has introduced the Embedded Finance Cloud solution, a white-label version of its proprietary embedded finance technology stack packaged specifically for banks and other financial institutions, as part of its ongoing efforts to assist businesses in gaining value from this technological shift.
Weavr’s Embedded Finance Cloud orchestration platform enables product and innovation teams at banks and financial institutions (FIs) to swiftly and affordably develop embeddable financial products. While guaranteeing compliance in the highly regulated market, the system aspires to open up new channels for client growth in non-financial consumer and commercial applications for FIs.
Financial institutions can deploy the Weavr solution over their current core banking and payment systems because it is available in Platform-as-a-Service (PaaS) form.
With the help of the solution, FIs are better able to design and oversee natively embeddable financial products than they could with current digital banking technology stacks. Financial goods that are “embeddable by design” also allow financial institutions to increase distribution through embedded channels while maintaining full control, compliance, and cybersecurity standards.
All around us, there is a financial revolution being implanted
The debut of our Embedded Finance Cloud solution will enable banks scale their embedded finance projects without sacrificing on risk management, according to Alex Mifsud, co-founder and CEO of Weavr. To access lucrative markets like loans, foreign exchange, and international transfers as well as to enable new customer acquisition through partnerships with dependable third-party brands, financial institutions are looking to expand beyond open banking APIs. The risk and compliance issues that come with more potent embedded financial delivery models, like banking-as-a-service, frequently hinder such ambition.
Weavr’s Embedded Finance Cloud, on the other hand, allows banks and e-money institutions the ability to construct financial products that are embeddable by nature, with risk and compliance being integral parts of the design. This enables financial institutions to quickly and safely open up sizeable new revenue streams from embedded financing.
“An embedded financial revolution is taking place all around us, and this new solution significantly increases the viability for established financial institutions—not just fintechs or big tech—to seize the opportunity.”
Weavr also just finished buying B2B open banking platform Comma Payments. The company then worked with Visa to hasten the adoption of embedded finance solutions among B2B SaaS companies.