Finance
FIS Launches Embedded Finance Platform for Financial Institutions and Businesses
FIS has launched an embedded finance platform designed for use by financial institutions, businesses and software developers.
The new “Atelio by FIS” platform can help any company collect deposits, move money, issue cards, send invoices, fight fraud, forecast cash flows and better understand customer behavior, the company said in a Tuesday (May 7) press release.
“Our scale, distribution and continued investment in technology have given us the foundation to unlock our financial capabilities to a wider audience and power the next generation of financial innovation,” Tarun Bhatnagar, president of platform and enterprise products at FIS, said in the release.
Atelio delivers existing FIS financial technology via components that are easy to embed in a secure and compliant manner, according to the release.
The platform builds on the company’s history of service to the financial services industry, its technology and its expertise in risk and compliance, offering these resources as a service, the release said.
With these capabilities, financial institutions, businesses and software developers can deliver financial offerings to their customers at the point where they are needed, per the release.
One company that is already building on Atelio is College Ave, which used the platform to launch a new financial product for college students, according to the release.
“We wanted a product that could bring together an account, credit card and payments into a single experience, and Atelio allowed us to offer a custom solution through our platform in a simple and secure process, which has been hugely beneficial to us in meeting our customers’ needs,” Karen Boltz, head of product management at College Ave, said in the release.
PYMNTS Intelligence has found that embedded finance creates better experiences for consumers by making their interactions with brands seamless, convenient and personalized.
This is important because 49% of consumers said they would probably quit an online purchase if they encountered difficulty checking out and a lack of payment choice, according to “How Nonfinancial Brands Can Benefit from Offering Embedded Financial Services,” a PYMNTS Intelligence and Galileo collaboration.
The report also found that 88% of companies that offer embedded finance said it increased customer engagement.
US-based bank holding company First Financial Bancorp has completed its previously announced acquisition of Westfield Bancorp and its subsidiary, Westfield Bank.
In June, First Financial agreed to acquire Westfield Bancorp from Ohio Farmers Insurance Company in a cash-and-stock deal valued at $325m.
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With the addition of Westfield Bank, First Financial’s total assets now stand at $20.6bn, strengthening its presence in the Midwest region of the US.
The acquisition is said to expand First Financial’s commercial banking and wealth management services in Northeast Ohio.
Westfield Bank’s retail locations and related services will now operate as part of First Financial’s network.
These branches will retain their current branding until the completion of conversion process, which is expected to occur in March 2026.
The conversion will merge the two banks’ products, processes and operating systems.
Westfield Bank clients will continue to receive services through existing channels, and will receive information about account conversions in the coming months.
First Financial president and CEO Archie Brown said: “This is an exciting step in the growth of First Financial, as the addition of Westfield Bank opens new possibilities for growth and profitability for us in an attractive market.
“We can now bring our wide range of solutions in consumer, commercial, specialty lending and wealth management to new clients, while expanding our geographic footprint for our current clients.
“The First Financial team is thrilled to welcome the Westfield Bank team members to the First Financial family.”
The transaction follows First Financial’s recent expansion activities in the Midwest.
In 2023, the company established a commercial lending presence in Northeast Ohio.
Earlier this year, First Financial announced BankFinancial, the parent company of BankFinancial, National Association, in Chicago, Illinois.
Furthermore, the company has also established a commercial banking presence in Grand Rapids, Michigan.
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