What is embedded banking?
Embedded banking eases the access of consumers and businesses to banking processes and, by extension, to products offered by banks, through digital interconnections with which they interact on a daily basis. It facilitates both ends of a transaction that involves a merchant and a consumer, by allowing them to complete the required processes using everyday software and services rather than traditional banking channels.
For example, through embedded banking access to the following becomes instant and easy:
- The provision of payment services in real time, which may concern either separate transactions in the case of purchases at physical or online stores, or mass transactions, such as payroll payments, paying suppliers, and so on.
- e-commerce: This is a capability that benefits the entire trade cycle, from businesses and suppliers to consumers. This is because the percentage of consumers in Greece that choose online shopping is expanding year by year, currently exceeding 70%.
- Access to all transaction information, through monitoring the activity of bank accounts. This feature unlocks many others, such as further automation of clearing and accounting.
- Obtaining short-term financing, such as working capital loans, which significantly expands the available tools for business support.
Building on the best interest of SMEs, NBG has brought embedded banking closer to them, by entering into a strategic partnership with Epsilon Net, the leading IT Group in the field of business software in Greece. The said partnership involves mainly the utilization of their digital platforms so that on a joint basis they can design, develop and distribute cutting-edge products and services. The main vehicle for making these channels available is the series of commercial applications of Epsilon Net and their interface with the Bank's systems, utilizing its advanced open-banking platform.
In a constantly changing environment, where today almost everything is carried out digitally, it's vital that businesses evolve and offer their customers high quality, tailored products and services.
