{"id":5062,"date":"2020-12-09T19:25:02","date_gmt":"2020-12-09T19:25:02","guid":{"rendered":"https:\/\/www.paymentfacilitator.com\/?p=5062"},"modified":"2022-02-24T22:09:33","modified_gmt":"2022-02-24T22:09:33","slug":"stripe-expands-embedded-finance-offering-for-platform-partners","status":"publish","type":"post","link":"http:\/\/infinicept.com\/payment-facilitator\/archive\/stripe-expands-embedded-finance-offering-for-platform-partners\/","title":{"rendered":"Stripe Expands Embedded Finance Offering for Platform Partners"},"content":{"rendered":"\n

Leading payments provider Stripe recently <\/strong>announced the launch<\/strong><\/a> of Stripe Treasury, an offering that will enable its platform partners to embed financial services within their software.<\/strong><\/p>\n\n\n\n

With this functionality, platforms will provide the ability for their business customers to send, receive and store funds, the company said.<\/p>\n\n\n\n

Stripe is offering the new services through financial institution partnerships including new relationships with Goldman Sachs Bank USA and Evolve Bank & Trust. The company will enable access to the banking capabilities of these partners through its APIs.<\/p>\n\n\n\n

Platforms will be able to offer financial products including interest-earning accounts and the ability to pay bills and access their funds through cards or ACH or wire transfers.<\/p>\n\n\n\n

According to the company\u2019s press release, business owners have expressed interest in receiving financial services within their business software platform. Stripe said that 76% of businesses use industry-specific software for managing their business needs. And nearly half of businesses (46%) report that the banking hurdles they have experienced have hindered their growth, the company said.<\/p>\n\n\n\n

\u201cTogether, Stripe and Goldman Sachs are focused on relieving the frustrations internet businesses find in making banking work for them. The millions of ambitious, fast-growing businesses in the Stripe ecosystem will soon discover a dramatically improved end-to-end digital banking experience.\u201d Hari Moorthy, Goldman Sachs Global Head of Transaction Banking, said in the announcement.<\/p>\n\n\n\n

Offering services in this way also benefits the bank partners, who are able to extend their reach through this user-centric channel.<\/p>\n\n\n\n

\u201cWe are pleased to partner with Stripe leveraging Citi Virtual Accounts to offer consistent, scalable and ubiquitous payment solutions across Citi\u2019s unparalleled global footprint. Our vision is for this partnership to fuel global commerce by enabling Stripe to launch the next generation banking proposition for their clients,\u201d Manish Kohli, Global Head of Payments and Receivables, with Citi\u2019s Treasury and Trade Solutions, said in the release.<\/p>\n\n\n\n

As PaymentFacilitator has previously reported<\/a>, technology companies are increasingly embedding financial services into their platforms to streamline access and provide simpler, more intuitive ways for consumers and businesses to get the services they need.<\/p>\n\n\n\n

Stripe is also expanding its partnership with Shopify to power Shopify\u2019s business financial service offering, the Shopify Balance Account with the Shopify Balance Card, which is currently being built.<\/p>\n\n\n\n

\u201cAt Shopify, we\u2019re focused on reducing the barriers to entrepreneurship. As part of that mission, we will soon launch Shopify Balance to empower our merchants to take control of their finances,\u201d Tui Allen, Senior Product Lead for Banking at Shopify, said in the release.<\/p>\n\n\n\n

\u201cWe\u2019re excited to partner with Stripe to provide our merchants with critical financial tools and products for their banking experience, specifically designed for their businesses\u2019 financial needs.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Leading payments provider Stripe recently announced the launch of Stripe Treasury, an offering that will enable its platform partners to embed financial services within their software. <\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","_FSMCFIC_featured_image_caption":"","_FSMCFIC_featured_image_nocaption":"","_FSMCFIC_featured_image_hide":"","footnotes":""},"categories":[1015],"tags":[],"class_list":["post-5062","post","type-post","status-publish","format-standard","hentry","category-archive"],"acf":[],"_links":{"self":[{"href":"http:\/\/infinicept.com\/payment-facilitator\/wp-json\/wp\/v2\/posts\/5062","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/infinicept.com\/payment-facilitator\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/infinicept.com\/payment-facilitator\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/infinicept.com\/payment-facilitator\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"http:\/\/infinicept.com\/payment-facilitator\/wp-json\/wp\/v2\/comments?post=5062"}],"version-history":[{"count":2,"href":"http:\/\/infinicept.com\/payment-facilitator\/wp-json\/wp\/v2\/posts\/5062\/revisions"}],"predecessor-version":[{"id":7973,"href":"http:\/\/infinicept.com\/payment-facilitator\/wp-json\/wp\/v2\/posts\/5062\/revisions\/7973"}],"wp:attachment":[{"href":"http:\/\/infinicept.com\/payment-facilitator\/wp-json\/wp\/v2\/media?parent=5062"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/infinicept.com\/payment-facilitator\/wp-json\/wp\/v2\/categories?post=5062"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/infinicept.com\/payment-facilitator\/wp-json\/wp\/v2\/tags?post=5062"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}