Worldpay has launched its Embedded Finance Engine, a new suite of financial service products designed for software platform partners to integrate, aiming to enhance client retention and revenue growth while optimizing their technological ecosystems.
The Embedded Finance Engine is accessible to Worldpay for Platforms-integrated partners and initially includes embedded lending, banking, and commercial card issuing products, with plans for rapid expansion. The platform utilizes pre-built embedded finance components, modern programming architecture, and configurable widgets, facilitating quick and straightforward integration for software platforms to offer financial services directly from their business management applications without requiring extensive investment or resources.
James Armijo, Chief Executive Officer at Inktavo, a software provider for branded merchandise manufacturers and an early adopter of Worldpay’s embedded lending, commented on the impact. “Inktavo’s mission is to help customers succeed and grow, and embedded lending is key to that,” Armijo stated. “By integrating Worldpay’s capital lending into our software and payments solution, we addressed a critical need, stood out from competitors, and made a significant impact. We issued our first loan in 13 days, have funded $14.2 million so far, and expect that number to grow significantly.”
Eric Elwell, Chief Executive Officer at 2Touch, a POS provider for bars and nightclubs, also shared his experience. “We quickly completed the low-code integration and almost instantly the first working capital loan was funded,” said Elwell. “Worldpay’s modern, pre-built financial components available via APIs made it not only easy integrate, but also easier to add new and innovative services as they become available through Worldpay. Once integrated to the Embedded Finance Engine, we’re able to quickly turn on new services to constantly meet our clients’ needs without new tech development or operational overhead.”
Worldpay’s Embedded Finance Engine is designed to alleviate compliance and fraud risk for software platforms by managing regulatory requirements and risk. This approach aims to eliminate the operational expenses typically associated with launching and maintaining new financial offerings, allowing platforms to activate new services seamlessly as they become available without incurring additional costs or dedicating resources to ongoing compliance and fraud prevention.
Matt Downs, President of Worldpay for Platforms, highlighted the strategic importance of the new offering. “Worldpay has always been an innovative leader in the software led platforms space with multiple industry leading technologies. We are deeply committed to helping our software partners meet the needs for their users,” Downs said. “Our goal is to empower partners to become the everything platform for their users. We are helping them move beyond payments to solutions like the Embedded Finance Engine. By providing partners with purpose-built and easy-to-use technology with simple integrations, we help them unlock new opportunities and deliver greater value to their customers. Embedded finance is just one example of how Worldpay powers the possible for our partners.”
The Embedded Finance Engine is being showcased by Worldpay at their annual Partnership Forum, taking place in Denver this week. Worldpay operates as a payments technology and solutions company, processing over 50 billion transactions annually across 174 countries and 135 currencies.
