FIS developed a new embedded finance offering in partnership with Treasury Prime to help financial institutions meet the growing need for digitally-native banking experiences.

Embedded finance is an industry trend that enables any company to become a financial technology company by embedding financial services capabilities such as banking, credit, payments, insurance and investments in its digital channels. Through this application programming interface-based offering, FIS’ banking clients and the businesses they serve will have new ways to manage deposits, accounts payables and other banking processes digitally and remotely.

“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,” Kelly Beatty, head of payments at FIS, said. “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.”

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

Grasshopper, a digital commercial bank is the first financial institution to tap into FIS’ embedded finance services. Grasshopper partnered with HUMBL, a Web3 blockchain company with both consumer and commercial divisions, to utilize its bank services, powered by FIS and Treasury Prime, across its user base.

“We are very excited to partner with FIS and Treasury Prime on this large and growing embedded finance opportunity,” Chris Tremont, chief digital officer at Grasshopper, said. “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.”