October 28, 2020

Goldman releases software to allow clients to embed banking services into their products

October 28, 2020/ The Financial Revolutionist

The banking-as-a-service ecosystem got a big boost this week through the release of APIs that allow clients’ programmers to build on top of the bank’s platform.

Why should we care?
Embedded finance, or the act of appending banking and financial services into new use cases, is a thriving industry as technology infrastructure becomes cheaper and easier to deploy. The new API launch will help Goldman move into transaction banking, focusing on corporate bank accounts and cross-border payments. The new solution could help the bank grow the number of digital wallets and payments across a range of corporate clients. Goldman, in recent years, has taken an active role in supporting brands in their efforts to roll out financial services products, including with Apple on its credit card offering, Walmart on loans to online sellers, and JetBlue on installment loans.

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The Financial Revolutionist

The Financial Revolutionist is weekly newsletter and blog focused on the torrid pace of financial innovation. Today, thanks to the exponential rate of technological change, explosion in global trade and new regulations ushered in by the Great Financial Crisis, a new financial revolution is under way. In this battle, virtually every aspect of the greater financial services sector is subject to rigorous challenge. With the Financial Revolutionist, we are aspiring to create a boots-on-the-ground and highly opinionated assessment of important financial innovation developments in the past week.