Weavr unveils new Embedded Finance Cloud solution for banks
By Gloria Methri
London-based Weavr has announced the launch of Embedded Finance Cloud. The new solution will allow banks and other financial institutions to create and distribute embeddable financial products safely through a new type of orchestration platform.
Embedded Finance Cloud is an orchestration platform designed to be used by product and innovation teams within banks and other financial institutions to create embeddable financial products in a time and cost-effective manner. The system enables companies to unlock new avenues for customer growth in non-financial consumer and business applications while retaining the safety and control demanded by regulated financial services.
Weavr Embedded Finance Cloud is delivered in Platform-as-a-Service (PaaS) form, which allows financial institutions to rapidly deploy it over their existing core banking and payments systems.
By adopting this solution, banks and financial institutions can leverage a robust, proven technology solution to create and manage natively embeddable financial products beyond what is possible with mainstream digital banking technology stacks. Financial products that are ‘embeddable by design’ allow financial institutions to retain control, compliance, and cybersecurity standards with no compromises, as they scale distribution via embedded channels.
Speaking on the launch of the solution, Alex Mifsud, co-founder and CEO of Weavr commented, “Weavr’s Embedded Finance Cloud gives banks and e-money institutions the means to create financial products that are embeddable by design, with risk and compliance being intrinsic components of the design. This allows financial institutions to unlock significant new revenue streams from embedded finance faster and in a safer manner. An embedded financial revolution is happening all around us, and this new solution makes it much more viable for established financial institutions to seize the opportunity, not just FinTechs or big tech.”
This major product launch forms part of what has been a busy 2023 for Weavr. Earlier this year, the company announced the acquisition of B2B Open Banking platform, Comma Payments. Then, at the beginning of June, the company announced a new collaboration with digital payments specialist Visa. The collaboration aims to accelerate the adoption of embedded finance solutions among B2B Software-as-a-Service (SaaS) companies.
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