Fintech company; Weavr has confirmed the acquisition of B2B Open Banking platform, Comma Payments, in an exciting development in the world of embedded finance.
In the past years, Weavr has been supported by Malta Enterprise. Comma’s unique technology enhances Weavr’s Plug-and-Play Finance proposition for embedded finance and data-driven payments that eliminate the need for manual payments. Saving time and reducing costs are both important for businesses.
Notably, they are the first embedded-finance provider to address problems faced with open- banking. They provide solutions that facilitate bulk payments for processes such as accounts payable and payroll, while also minimising the risk of manual errors. Users can integrate their existing bank accounts with Weavr-provided accounts as the company has strived to provide a smooth and time-saving experience.
This was possible through the Open Payments Ecosystem (OPE) project that was funded by EU Horizon2020 programme and supported by Weavr’s project partners including Visa, Locke Lord and IDT Finance, University of Malta and Startupbootcamp Fintech. Whereby, they were able to “bring together Banking as a Service (BaaS) and Open Banking and have optimized payments solutions that can be embedded for B2B applications ranging from payroll, accounts payable and other forms of mass payments.”
Weavr believe that incorporating embedded finance with corporate operations will greatly benefit users as it will contribute to “opening the door to more innovative employee tools and cutting down on repetitive admin tasks,” allowing more flexibility and productivity in the workplace through this advanced technology and automation.