U.S. Bank has brought its embedded payments offerings under one umbrella on the new U.S. Bank Embedded Payments Solution Platform launched this month, and clients are integrating the tech.  

Among users tapping the $676 billion bank’s platform to offer payments services natively are four companies, Mike Jorgensen, head of emerging solutions and embedded payments for U.S. Bank, told Bank Automation News.  

Jorgensen will speak during the free webinar, “Seamless integration: The new frontier in embedded payments” on Tuesday, July 22, at 11 a.m. ET. Register here.  

“Companies are trying to differentiate and create an embedded experience so that people can have everything they need within their ecosystem,” Jorgensen told BAN.  

Some companies that are using U.S. Bank’s embedded payments solutions include: 

• Basefund, a secure payments provider for banking and securities companies;

  

• Kyriba, a SaaS treasury solutions provider; 

• One Inc., an insurance industry payments network; and 

• Rain, an earned wage access provider. 

“Integration is very simple” via API, Jorgensen said. “The bank has a developer portal that has all the documentation, kits, information [companies] would need.” 

U.S. Bank’s embedded payments platform allows businesses and fintechs to: 

• Verify identities while onboarding customers;  

• Move money on behalf of customers; and 

• Offer payment options from ACH to RTP and FedNow. 

Growth of embedded finance

Major financial institutions including $1.7 trillion Citi and $189 billion KeyBank are also expanding their embedded finance offerings. 

Embedded finance “gives the consumers a broader set of optionality” for making payments to businesses, and entities can boost their conversion rates while building deeper relationships with clients, Terry O’Neil, head of connected commerce and strategic growth for Citi Retail Services, told BAN. 

The embedded finance market is expected to reach $251 billion by the end of 2029, compared to $115 billion in 2024, according to a May 28 report from think tank MarketsandMarkets Research. 

“Banks cannot sit by and let this opportunity go,” Brandon Nowac, executive vice president of payments at KeyBank Commercial Bank, told BAN. “We have the tech infrastructure and trust established with clients to gain market share and serve our clients well.” 

Jorgensen echoed the role banks can play in offering embedded payments, noting that banks have already established trust with clients.  

“You’re starting to see people understand that the value proposition of a bank is typically to help with security, risk, stability,” he said.  

According to Jorgensen, O’Neil and Nowac, the following industries can benefit from embedded finance: 

• Retail; 

• Fintech; 

• Auto; 

• Health care; and 

• Real estate. 

Register here for “Seamless integration: The new frontier in embedded payments,” a free Bank Automation News webinar set for Tuesday, July 22, at 11 a.m. ET.