While consumer use cases powered its initial growth phase, embedded finance now is catching on in a big way in the business-to-business arena.
A recent study by Galileo and Juniper Research found that 63 percent of U.S. B2B service providers currently offer some type of embedded finance solution to business clients. Those business users are leveraging embedded finance tools to solve pain points ranging from cash flow management to customer acquisition and retention and more.
But while much progress has been made, there remains plenty of room for improvement in order for B2B embedded payments experiences to equal the seamlessness and user-friendliness of those commonly found in the B2B sector.
One area of particularly low-hanging fruit is in reducing the complexity of how those embedded finance solutions are designed and delivered for B2B users, noted Galileo chief revenue officer Seth McGuire, in the recent PYMNTS.com report, What’s Your Plan?: Payments Strategies for a Strong 2022 Finish.
“Business leaders are telling us they want to replicate consumer payments experiences in B2B environments, but they recognize that additional complexities must be addressed,” said McGuire. “Today, most B2B businesses are using two or more providers to tackle these challenges. That adds endless complications and bumpy handoffs from one vendor to another.”
Galileo helps providers serving a business audience to build and deliver embedded finance solutions more simply by leveraging Galileo’s API-based, open and connected financial technology platform and single point of integration, eliminating unnecessary layers and complexity.
That simplicity–and the speed it offers–is crucial in enabling B2B providers to capitalize on the booming demand for embedded finance solutions in the quickly developing market.
“As use cases for B2B embedded finance continue to rapidly expand in Q4, we are focused on providing business leaders with the platform, solutions and expertise they need to get to implement embedded finance solutions quickly and efficiently,” McGuire said.
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