Weavr, a UK-based Plug-and-Play Finance solutions provider, has announced the evolution of its solution with three new Financial Plug-ins.
Weavr’s Financial Plug-ins service a wide range of use cases with simplicity. In a matter of weeks, businesses can be up and running, providing the financial services that their customers require.
The bottom line for businesses is that they can now launch, validate, and multiply revenue per user from financial services with comparatively low time and resource commitments.
Weavr provides a simple way to embed finance by curating financial engines for specific types of use, whether that’s accounting software saving time and reducing errors for their business customer by integrating payment to suppliers, HR systems empowering any employee to make payments with control but without bureaucracy or even powering up platforms for the creator economy with financial services tailored for influencers and other creators.
The three Financial Plug-ins launched are:
Supplier Finance Plug-In – includes everything that SaaS-platform builders need to power business-to-business (B2B) payments within their accounting, procurement, logistics, order-management or other back-office solution. With the Supplier Financial Plug-in, innovators can provide their customers the financial tools they need to make, receive, and automate payments within the platform they already use and without the hassles of having to log into the bank to move money.
Employee Finance Plug-In – allows innovators to build Software-as-a-Service (SaaS) applications complete with the financial infrastructure to power employee-directed payments, such as employee benefits or expenses. With the Employee Financial Plug-in, businesses can add the financial needs to onboard teams, configure financial controls, and manage employee payments and expenses, for example.
Worker Finance Plug-In – the Worker Finance Plug-in enables platforms to power payments for freelancers, gig workers, creators, and influencers of any type. Platform builders can add the financial infrastructure that freelancers need to manage cash flow, make payments and to reduce admin, and much more, all of which allows them to instead focus on more important tasks, such as growing revenues.
Plug-and-Play finance is a relatively new term, rooted in the world of embedded finance, which refers to financial products becoming so ingrained in the everyday applications and experiences that they become virtually invisible.
However, there are important differences between embedded finance and Plug-and-Play finance.
Firstly, embedded finance is a result and can be achieved in a number of different ways. Some of those ways can be quite hard and costly to implement. Conversely, Plug-and-Play finance refers to the means by which one achieves that same embedded result. And in the case of Plug-and-Play finance, the solution is already modularised and implementing it takes weeks, not months.
Plug-and-Play solutions are easier to implement because they contain all the elements needed to onboard customers, provision financial instruments, and conduct financial activity without innovators having to get into the details themselves.
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