The new solutions, which are slated for general availability this summer, will enable firms to incorporate payment acceptance, banking solutions and other features into their platform, under their brand, Maast said in a Monday (April 24) press release.
“Embedded finance is hard,” Maast CEO Tom Bell said in the release. “Maast removes technical and operational barriers so software providers can focus on what they do best, providing the software and tools their customers use to run their businesses.”
PYMNTS research has found that merchants expect digital payments from their customers to be processed swiftly and seamlessly and to have the money in their accounts without any complications on the front or back end.
Embedded finance solutions are critical for small businesses to enable this functionality, according to “SMBs Look to Tap the $51 Billion Embedded Finance Market Opportunity,” the December 2022 edition of the “Embedded Finance Tracker®,” a PYMNTS and Galileo Financial Technologies collaboration.
The report found that embedded finance can help SMBs make more timely payments, improve inefficient accounts payable (AP) processes and have more capital on hand.
Maast’s new money-as-a-service offering include both payments and banking and allows software providers to create new revenue streams, accelerate their time to market and provide a better payment acceptance experience to their small and medium-sized business (SMB) customers, according to the press release.
Because the onboarding and money movement experiences can be connected and branded, SMBs will be able to stick with the software provider they already know and trust, the release said.
“By offering a single relationship, contract and integration to embed not only payments but also banking solutions, we allow software providers to deepen their relationships with customers,” Bell said in the release. “Our hyper-verticalized approach simplifies how business owners move money by combining payments, banking and more into one centralized experience.”
The announcement of this upcoming service comes about a year after Synovus Bank — the owner of Maast — said that it had agreed to acquire a stake in Qualpay with the intention of integrating Qualpay’s technology into the Maast offering.
