Salman Syed, the chief operating officer of Fidel API, explained the seismic shifts brought about by the rise of embedded finance in an interview: Debit cards were formerly solely accessible from banks, but they are now available from a wide range of companies.
“It’s early innings,” he said of the innovations in embedded finance.
Financial data is, of course, growing more accessible as available funding expands. This allows developers to create experiences that leverage real-time knowledge, such as establishing loyalty and rewards programs that are available at the point of sale.
Syed cited expenditure management platforms as an example, where the value to company users is the software’s ability to help such organizations handle fundamental financial tasks.
The issues are obvious: most finance and human resources departments do not detect corporate expenditure until it has already occurred. Quicker budgeting and expense management translates to just improving present methods, or, in Henry Ford’s words, “grabbing onto quicker horses rather than adopting the car.”
Better transaction-level visibility, he claims, “satisfies a real demand” and lays the framework for future advancements.
He mentioned that firms may develop in-the-moment experiences at the point of sale by tracking client spending on registered cards utilizing APIs from suppliers such as Fidel API. Furthermore, they allow consumers to connect their own cards, eliminating the need for cost management services to produce their own cards.
“We’re observing those transactions as they happen in real time,” Syed said.