FIS has launched an embedded finance platform designed for use by financial institutions, businesses and software developers.
The new “Atelio by FIS” platform can help any company collect deposits, move money, issue cards, send invoices, fight fraud, forecast cash flows and better understand customer behavior, the company said in a Tuesday (May 7) press release.
“Our scale, distribution and continued investment in technology have given us the foundation to unlock our financial capabilities to a wider audience and power the next generation of financial innovation,” Tarun Bhatnagar, president of platform and enterprise products at FIS, said in the release.
Atelio delivers existing FIS financial technology via components that are easy to embed in a secure and compliant manner, according to the release.
The platform builds on the company’s history of service to the financial services industry, its technology and its expertise in risk and compliance, offering these resources as a service, the release said.
With these capabilities, financial institutions, businesses and software developers can deliver financial offerings to their customers at the point where they are needed, per the release.
One company that is already building on Atelio is College Ave, which used the platform to launch a new financial product for college students, according to the release.
“We wanted a product that could bring together an account, credit card and payments into a single experience, and Atelio allowed us to offer a custom solution through our platform in a simple and secure process, which has been hugely beneficial to us in meeting our customers’ needs,” Karen Boltz, head of product management at College Ave, said in the release.
PYMNTS Intelligence has found that embedded finance creates better experiences for consumers by making their interactions with brands seamless, convenient and personalized.
This is important because 49% of consumers said they would probably quit an online purchase if they encountered difficulty checking out and a lack of payment choice, according to “How Nonfinancial Brands Can Benefit from Offering Embedded Financial Services,” a PYMNTS Intelligence and Galileo collaboration.
The report also found that 88% of companies that offer embedded finance said it increased customer engagement.
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