Open launches no-code embedded finance platform Zwitch
Open, an SME-focused neo-banking platform, today announced the launch of Zwitch (www.zwitch.io) – an industry-first no-code embedded finance platform that allows fintechs, brands and enterprises to launch innovative fintech services using a Do-It-Yourself (DIY) drag and drop interface.
The platform is targeting an increasing number of fintech and non-fintech businesses, that are aiming to embed various fintech services in their existing products/services, through a Do-It-Yourself platform. The suite of embeddable fintech products includes bank accounts, card issuance, payments and lending products. Zwitch takes care of the banking partnerships, compliance and technology through it’s network of 14+ partner banks in India. Apart from the no-code platform, Zwitch also offers low-code competency and full-stack APIs for digitally savvy businesses to integrate with.
Speaking about the embedded finance platform, Anish Achuthan, Co-founder and CEO of Open Financial Technologies Pvt. Ltd. said, “Over the past four years, we have seen how the fintech space has transformed in a way that every company now wants to embed financial services that complement their product/service to increase sales, engagement, value, or open up additional revenue streams from their existing customers. While banks have geared up their infrastructure to support these use cases, from our experience in Open, we realized that it takes a lot of bandwidth, resources, compliance approvals and at least 8-12 months of effort to launch various fintech services. Since Open has already built partnerships and infrastructure connectivity with over 14+ banks, we built Zwitch so that these capabilities and infrastructure can be leveraged by other brands to embed various financial services like banking, payments, lending, cards and more. Through Zwitch, we want to enable every company to be a fintech company, and this led us to come up with innovative solutions like a no-code platform for non-developers, while also offering full-stack APIs for the developers who like to programmatically build fintech experiences.”
The platform, which has been in beta for the past 6 months, has powered over 10 startups and corporates to embed financial services on their platforms and partnered with Insurtech startup Fedo to launch Fedo HSA- India’s first-of-its-kind ‘Health Savings Account’. The digital banking services including savings account, cards and payments on Fedo HSA is powered by Zwitch in partnership with its banking partners.
Speaking about Fedo HSA, Prasanth Madavana, Co-founder & CEO, Fedo said, “The current healthcare spend solutions are scattered and unorganised. It’s a space dominated by savings, informal lending, crowdsourcing, to some extent insurance which creates delay and affordability issues. When we set out to solve this by building Fedo HSA, we found great partners in Open’s embedded finance platform Zwitch that had ready APIs, highly scalable architecture, offered managed compliance and partnership with multiple banks which helped us to go-to-market faster.”