Brands and organizations are integrating with Railsbanks’ platform to enrich customers’ experiences

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With the rising adoption of digital payments, non-financial entities from retailers to sports clubs have started integrating embedded finance in their business models to enhance the customer experience. Through current accounts, credit cards, or loans, brands are providing financial products to elevate customer experiences. In order to provide these products, previously, the bank was the only source of this extensive and costly infrastructure. However, now embedded finance has forayed into maximum sectors in order to drive growth. Now, Railsbank, through its embedded finance platform now, enables non-financial brands to affordably enter this market to witness significant growth in their businesses. For instance,

In March 2022, Banking-as-a-Service (BaaS) integrator, Berlin-based AAZZUR partnered with Railsbank to introduce compliance-ready core banking products in the market. Through its payment infrastructure for accounts and card management, Railsbank will provide regulatory and technical expertise to AAZZUR to achieve the desired service. Moreover, AAZZUR allows the companies to develop a new mobile banking app from scratch through its smart modular platform. Its embeddable Smart Finance Blocks enable the clients to include budgeting tools as well as insurance products in its business model.

Therefore, this partnership will help AAZZUR’s offering to expand and enable its DACH (Deutschland (Germany), A — Austria, CH — Confœderatio Helvetica (Switzerland) clients to access the services of Railsbank.

In March 2022, Parpera, a money management platform, introduced an embedded finance product in the form of a debit card in the Australian market. This product is the result of the partnership of the company with Railspay, the Australian arm of global embedded experience platform Railsbank and neobank Volt.

Specifically, the Parpera Business Debit Mastercard card, which will be linked to the deposit account, can be accessed by sole Australian traders to better manage their business payments, make fee-free international transactions, and control their spending. The card users will also be able to use the Parpera App together with the debit card to manage the business. Also, the debit card can be added to Google Pay for transactions. Therefore, Railsbank helped this platform to deliver this financial product that simply adds greater value to customers’ experiences.

Similarly, in March 2022, Railsbank, became the BIN sponsor for the Sodexo Engage Spree Card program. Through this partnership with Railsbank, Sodexo Engage will be able to provide a smooth and secure end-to-end payment process to its cardholders. Notably, Sodexo Engage is a United Kingdom-based employee engagement company that provides the employer to offer the employees with bonuses, referrals, and incentive rewards through its Spree card.

Therefore, the above instances clearly state the brands were increasingly focusing on finding new and differentiated ways to engage their digitally native customers, which had surged the embedded finance market.

The movement from physical cash to digital money was because of e-commerce. Nowadays, both young and old consumers are highly experienced with digital retail experiences. Thus, as the pandemic becomes less of a factor for many consumers who had already permanently transitioned to the digital payments space, the opportunities for embedded finance are clear. Therefore, embedded finance platforms are expected to observe significant growth over the next four to eight quarters globally.

To know more and gain a deeper understanding of the embedded finance market in the United Kingdom, click here.