UK and EU-regulated fintech Andaria has launched an embedded finance solution to help non-financial companies integrate payment services into both new and existing platforms, following a beta testing phase.
The new offering means that Andaria’s partners will be able to provide a wider range of financial products and services, helping to “unlock” new revenue streams.
By creating a “cohesive, user-friendly financial ecosystem experience” within partner platforms, the solution aims to improve customer engagement.
Through Andaria’s recent partnership with Discover, partners will also be able to offer branded debit cards that are compatible with Google Pay and Apple Pay, thereby building loyalty among end users.
Nirav Patel, chief executive officer of Andaria, said: “We are setting a new standard for the financial services industry with our new embedded finance solution by offering our clients the opportunity to achieve lower transaction costs, improve operational efficiency, and improve customer engagement.”
He added: “The beta testing phase, which we carried out earlier in the year, led to a projected growth in revenue and an increase in customer engagement for our partners, which helped to reaffirm our commitment to driving success and delivering value.”
Andaria is authorised by the Malta Financial Services Authority and, in the UK, by the Financial Conduct Authority.
At the start of the year, research by Aion Bank and Vodeno found that 65% of European business leaders across industries expected to see more consumers using banking services via non-financial brands enabled by Banking-as-a-Service, in place of traditional banking.