Our mission to democratize financial services with Inswitch embedded finance platform

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By: Ronald Alvarenga, Inswitch CEO.

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In a digitized world, Inswitch came to revolutionize the banking industry and its payments system through an embedded finance platform. Through Inswitch technology, companies from different kinds of industries can deploy digital financial services with a quick solution that will allow their clients to carry out cash transactions, online and real-time bank transfers, credit/debit cards, digital wallets, crypto; in summary with the most relevant local methods in each market.

The evolution of financial services is increasingly aimed at bringing the products and the offer of financial products closer to the purchasing decisions of consumers. Our vision of embedded finance is fully in line with this evolution: incorporating financial services into the same consumer experience; so that the user does not have to go to another site, but within the same flow and within their same experience, they can execute that transaction without friction in their payment experience. Companies have a great opportunity to expand their businesses with embedded finance by offering their customers better experiences.

Our fintech-as-a-service platform brings together three very important components that we consider the core part of any company when it comes to extending a services value proposition:

• Inswitch Core & Wallet combines all our capabilities. It is the inner workings of our platform, which we make available through APIs, that allows any company to build their own fintech solution.
• Inswitch Network provides a robust local and international payment network for credit cards, banks, cash locations, ATMs, POS, digital wallets, and multi-country payment services, enabling cross-border services. 
• Inswitch Experiences allows the administration of the financial solution from a single place. Inswitch Experiences is the visual interface that allows to set up and manage all the capabilities of the platform.

When we take a look at the market, companies from different verticals such as mass consumption products distribution companies, transportation, shared platforms, eCommerce, banks or insurance companies, we notice that they are having a very particular situation and that is that they are all investing and developing financial products for their clients. And that is what we call the democratization of financial services. Today all companies have the need to offer financial products within their own portfolio of service products.

To face this need, many companies go to the market searching for wallet platform solutions, digital banking core, or integration with payment methods; and even more sophisticated companies want to offer credits or issue physical or digital cards to offer their customers access to e-commerce or manage their own working capital. That is what Inswitch has at the core of its platform and through its application program interfaces, commonly known as APIs. Having access to APIs allows you to develop different products and to be able to combine the different financial solutions we have to create the exact product for the use case that your company wants to implement.

The greatest strength of our embedded finance platform is its robust, modular and scalable infrastructure in the cloud for any country; which allows growth according to the business needs and to open up to new markets without worrying about the management and maintenance of physical infrastructure and connectivity, reducing the costs associated with these services.

Our platform core is integrated with all payment networks and has 90% coverage in Latin America and in 30 countries in Africa, with plans to expand into other markets such as the United States, Europe and Asia.