Consumers and business owners alike are looking for seamless, fast access to payments and information, and this is what financial institutions hope to provide by integrating embedded finance services. 

In fact, with embedded payments, businesses and consumers want what Chris Ward, head of enterprise payments at Truist, calls the “three S’s.”

Ward spoke about the $544 billion bank’s approach to embedded finance during Bank Automation News’ July 22 webinar, “Seamless integration: The next frontier in embedded payments.” 

Watch the webinar here. 

Truist’s three S’s: 

1. Simplicity — Businesses and consumers want a direct approach, Ward said. “The embeddedness is a more simplistic way to engage with your financial institution to execute transactions.” 
2. Speed — People want speed of payment and speed of information, he said. They want to know when the transaction occurred. 
3. Safety — “People want to operate in a safe and sound and secure manner,” Ward said. When embedding financial services with a bank partner, there are security and regulatory standards that accompany that. 

“All three of those assets come together to create a much more seamless experience,” he said. 

Read more on embedded finance and Truist here.