Last November, during an event held at Teatro Magnolio in the capital city of Uruguay, Inswitch shared its vision and the launch of its new platform.
“Our vision is focused on providing the technological and service infrastructure to make it possible for any company (including non-financial ones) to develop financial products and offer them to their clients as complete solutions, to develop new business models and thus encompass new markets” said Ronald Alvarenga, CEO of Inswitch.
Through its vision and the launch of its platform, Inswitch seeks to support every company that has not been able to transform and migrate to the digital world, so that they can provide their products and services to their clients in an agile and secure way, improving their value proposition.
“Inswitch’s goal is to democratize financial services worldwide” added Ronald Alvarenga.
The Inswitch platform, with its 100% cloud-based architecture, is composed of three central elements: a wallet or banking core that renders available all capabilities that the company offers to the clients, integration with the most important payment methods of the country where the client wishes to operate -cash networks, banks, cards or wallets- and also the possibility to embed the different experiences offered by Inswitch through the same channels of the client: APIs plugins, payment link, etc..
“With the pandemic, the demand for our product grew exponentially both regarding core solutions for digital wallets as well as solutions integrated with local payment methods in each country. That is the reason why we invested and expanded our value proposition, from a model that offered a technological solution to the provision of a full stack FaaS (Fintech as a Service)” commented Ronald Alvarenga.
By means of the new platform, Inswitch managed to cater the new needs caused by the pandemic. Before, a major part of transactions were done in cash or through physical locations such as banks. But nowadays, said behavior changed and it became indispensable to be able to make payments remotely.
Another key concept mentioned by Inswitch during the event is “Embedded Finance”. To the company, this concept means to incorporate the payment or credit experience at the exact time that the client needs it, thus avoiding any redirection or displacement towards other physical or virtual places for the end user. This eliminates friction and improves the customer experience.
Finally, together with its vision and the launch of the platform, in 2021 Inswitch carried out its expansion objective, starting operations in new markets such as Brazil, Mexico and Colombia.
With this event, Inswitch wraps up a successful 2021, in which it was able to achieve several challenging milestones. Likewise, the Keynote 2021 was a hinge for the company, to leave behind the pandemic and, with all due safety measures, reactivate the in-person working environment, increase interaction among collaborators and finally, keep strengthening its value proposition focused on the client.
Both giants of the digital financial services industry seek to make it possible for businesses still using cash to integrate electronic means of payment into their infrastructure.
The growing trend of integrated multiplatform services is revolutionizing the market and leading to the true democratization of financial services.
The COVID-19 pandemic has transformed the activities and daily habits of society worldwide. The measures adopted by governments, like social distancing and lockdown, contribute to curbing the spread of the virus but at the same time generate a slowdown in the economy, particularly affecting the most vulnerable sectors.