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Open Launches Zwitch Codeless Integrated Financing Platform
Posted on November 26, 2021
- Open launches an integrated financial platform without code – Zwitch.
- Integrated finance helps fintechs and non-fintech companies launch or integrate financial services like banking, payments, cards, loans, etc. into their existing product or service, thereby increasing sales, customer engagement or additional revenue channels.
- Open Zwitch’s code-less platform allows anyone to integrate financial services without any technical knowledge. Zwitch also has low-code and full stack API skills.
- Zwitch has already helped 10 startups integrate financial services, the latest being startup Insurtech Fedo to launch India’s first health savings account
Bangalore: Open, a neo-banking platform focused on SMEs, today announced the launch of Zwitch – an industry’s first codeless integrated financial platform that enables fintechs, brands and businesses to launch services innovative fintech using a DIY software drag and drop interface.
The platform targets a growing number of fintech and non-fintech companies, which aim to integrate various fintech services into their existing products / services, through a Do-It-Yourself platform. The suite of integrable fintech products includes bank accounts, card issuance, payments, and loan products. Zwitch handles banking partnerships, compliance and technology through its network of over 14 partner banks in India. Along with the no-code platform, Zwitch also offers low-code, full-stack APIs for digitally savvy businesses.
Speaking of the integrated financing platform, Anish Achuthan, co-founder and CEO of Open Financial Technologies Pvt. Ltd said, “Over the past four years we have seen how the fintech space has transformed in such a way that every company now wants to integrate financial services that complement their product / service to increase sales, engagement, value or open up additional revenue streams from their existing customers. While banks have adapted their infrastructure to support these use cases, in our experience in Open, we have realized that it takes a lot of bandwidth, resources, compliance approvals and at least 8 to 12 months of efforts to launch various fintech services. Since Open has already established infrastructure partnerships and connectivity with over 14 banks, we created Zwitch so that these capabilities and infrastructure can be leveraged by other brands to integrate various financial services such as financial services. banking, payments, loans, cards, etc. Through Zwitch, we want to empower every business to be a FinTech company, which has led us to deliver innovative solutions like a no-code platform for non-developers, while also offering stack-based APIs. complete for developers who like to programmatically create fintech experiences.
The platform, which has been in beta for the past 6 months, has enabled more than 10 startups and companies to integrate financial services on their platforms and has partnered with startup Insurtech Fedo to launch Fedo. HSA – India’s premier health savings program. Account’. Digital banking services, including savings account, cards and payments on Fedo HSA, are provided by Zwitch in partnership with its banking partners.
Speaking of Fedo HSA, Prasanth Madavana, co-founder and CEO, said Fedo, “Current solutions to health spending are scattered and unorganized. It is a space dominated by savings, informal loans, crowdsourcing, to some extent insurance, which creates problems of delay and affordability. When we decided to solve this problem by creating Fedo HSA, we found great partners in Open’s integrated funding platform, Zwitch, which had ready APIs, a highly scalable architecture, managed compliance and a partnership with multiple banks, which has helped us get to market faster. “