In the post-pandemic world every organisation will be a fintech company, says Ozan Özerk. With the buy-now-pay-later trend firmly behind us, “the next disruptor will be embedded finance”, states the founder of the banking-as-a-service (BaaS) software platform OpenPayd, which through its single integration approach to a portfolio of transaction types is “helping innovative fintechs get to market quickly and access cross-border services”.
Özerk stresses that embedded finance comes with “monumental challenges. But cyber security isn’t one of them: because we’ve fixed that. The big issue is simply keeping pace with technology in the booming financial services sector.” Another factor identified by Özerk is the lack of end-user knowledge of what embedded finance is.
“If you take a normal black cab in London,” he explains, “at the end of that ride you’ll either pay with cash or reach for your credit card and hope that the POS – point-of-sale – terminal will...