FIS has unveiled Worldpay for Platforms, a software-as-a-service (SaaS) that enables software providers that serve small- to medium-sized businesses (SMB) to embed payments and finance features into their platforms through a single integration.

Consumer banking expectations began changing during the COVID-19 pandemic along with their interactions with SMBs, Matt Downs, group president of platforms at FIS, told Bank Automation News. Consumers desire a frictionless Amazon-like experience and “the reality is SMBs really need to provide those experiences,” he said.

The SaaS solution combines FIS’ global merchant and banking capabilities with embedded payments technology that is built on fintech Payrix’s platform, which was acquired by FIS in February, Downs said. “Pairing the capabilities of Payrix and Worldpay gives the platform a lot more global reach and scale,” he added.

The full stack

Prior to the acquisition, “we had been able to help [software companies] on a payment acceptance side, but this [launch] is really about bringing, in a digital native way, the full functionality of a full financial services stack to help software companies provide those experiences,” Downs said.

Through Worldpay for Platforms, SMBs can accept hundreds of currencies across online, mobile and point-of-sale transactions, according to an FIS release. Additionally, SMBs will have the capability to manage subscriptions, billing and invoices.

The Payrix platform is a front-, middle- and back-office stack with both an API version and a user interface (UI) of the software, Downs told BAN.

“For clients that start with UI, they can be operating as quickly as four to six weeks,” he said.

The API stack includes full end-to-end servicing and native functionality inside the software, Downs added.

Looking ahead, Worldpay for Platforms’ parallel offering will launch in Australia in the next 30 days and in London by the end of the year, he said.

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