SBM Bank India partners with Open to launch new embedded finance platform, Zwitch

By Leandra Monteiro

SBM Bank India and Open Financial Technologies Pvt Ltd announced a strategic partnership to launch an end-to-end Embedded Finance platform, Zwitch.

The platform will offer a no-code, low-code, and full-stack API solution that enables FinTechs to build their own financial products using its technology stack, comprising of a drag-drop dashboard, low-code plugins along with 300+ APIs. Non-FinTechs like SaaS platforms, health techs etc. can also use this platform to embed financial features into their product or service.

Using a service like Zwitch significantly reduces the go-to-market timelines for these businesses, increases their revenue streams, and creates newer avenues to engage with existing and new users. For instance, ERP and payroll companies can embed banking and cards into their products, retail stores can offer co-branded cards or pay-later solutions to their customers.

Speaking of the partnership, Open, Co-founder and CEO, Anish Achuthan added, “This is a very important partnership that helps democratize fintech for everyone including banks, fintechs, startups, small businesses and more. Through our interactions with businesses, we identified the need to embed financial features like savings accounts, credit & debit cards, lending etc. that can open-up new streams of revenue generation and profitability. If these businesses were to take the traditional route of building the technology and getting the required compliances in place, it will take them more than 18-24 months to get an MVP done apart from the high costs involved. With Zwitch, we have built the technology ensuring businesses can embed financial features in a matter of weeks, at 10x lesser cost using our no-code drag’n’drop widgets or full stack APIs for developers, and without having to worry about compliances. This is going to democratize fintech for all and redefine the Indian business landscape and we are happy to partner with SBM Bank India to amplify this mission.”

Neeraj Sinha, Head – Retail & Consumer Banking, SBM Bank India added, “We have been most vocal supporters and implementors of digital banking in the country. At SBM Bank India, we believe that a diverse and huge country such as India can have no absolute solution to grow, but a blend of various inclusive, collaborative, customized and consistent strategies, and offerings. Our partnership with Zwitch will enable us to further strengthen our value proposition and open new doors for those aspiring to tap digital banking to make a positive difference in and around them.”