Intelligent CXO Issue 21 | Page 28



Banking is continuously changing , especially as the world becomes increasingly digital . Adrian Toynton , Head of Banking Solutions , APAC , FIS , tells us why Banking-as-a-Service ( BaaS ) is instrumental in shaping the payments landscape into what it is today .

The hottest FinTech sector in the ANZ region right now is arguably Buy Now Pay Later ( BNPL ). With consumers embracing digital payments at fever pitch it ’ s no surprise to see that the Global Payments Report found BNPL to be the fastest growing online payment method in Australia , set to hold a share of 14 % by 2025 .

BNPL is just one example of the widespread adoption of ‘ Embedded Finance ’. This refers to the seamless joining of traditional financial services – such as payment processing , lending or insurance – with a non-financial service provider . It allows companies from all industries to layer in financial capabilities to their products and enhance their customer propositions .
Embedded Finance is continuing to grow and provide businesses with seamless , integrated opportunities to better meet customer expectations . Retailers , payment processors and financial institutions will all need to work together , embracing Embedded Finance to create new products which provide the best consumer experience possible .
Embedded Finance in action
Embedded Finance is not necessarily a new concept , but its adoption has accelerated over the last few years . There are a growing number of solutions now in the market with BNPL among them . Embedded lending – which we see through BNPL – allows consumers to take out an interest-free loan with the retailer at the point of purchase , without going through a bank . The
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