PNC and Koxa Join Forces to Launch Embedded Banking Solution

PNC, a leading financial institution, has partnered with Koxa, a treasury platform, to introduce an innovative embedded banking offering, according to PYMNTS. The collaboration aims to streamline banking operations for PNC’s clients utilizing the Workday enterprise resource planning (ERP) system.

Through this integration, corporate and commercial banking clients of PNC can now access real-time balance and transaction information, as well as submit, approve, and reconcile payments directly from within their ERP system. Howard Forman, head of digital channels for PNC Treasury Management, highlighted how this integration empowers the bank to «create efficiencies for our clients by delivering the power of our Treasury Management platform within the systems they use to run their businesses.»

This partnership comes amidst a growing trend of collaboration between traditional banks and FinTech companies, driven by the rise of digital banking and open banking initiatives. PYMNTS noted last week that this trend is fueled by the unique strengths each party brings to the table — banks possess the accounts, regulatory frameworks, and data, while FinTechs contribute technology, analytics, and user experiences. The intermediaries bridging this gap are facing a changing regulatory landscape that emphasizes the need for secure and compliant financial services.

The report also reflects recent shifts in the industry, such as the decision by Treasury Prime, a banking-as-a-service platform, to refocus its efforts on selling directly to banks, leading to significant workforce reductions. This change underscores the evolving dynamics in the banking sector, where partnerships between banks and FinTechs are increasingly seen as essential for meeting customer expectations and enhancing digital banking offerings.

Igor Bazay, head of finance at Enigma, highlighted the importance of partnerships in the current environment, stating that «partnerships should be a part of that conversation to an extent that they were less so in the last couple of years.» This sentiment reflects a broader industry trend towards reevaluating traditional strategies and embracing collaboration as a key driver of innovation and growth in the financial services sector.

Other articles
The Transformation of the Insurance Sector by AI
Discovering Open Banking Benefits for Consumers and Companies With Prometeo
Galileo Introduces Wire Transfers for FinTechs
Revolutionizing Automotive Transactions: The Integration of In-Car Payments
The ESG FinTech Sector: Is it Expanding Rapidly Enough?
Consumers Can Save for Purchases Via Save Now, Buy Later Fintech
Banking-as-a-Service: Navigating the Upheaval
Digital Vehicle Wallets Revolutionize Connected Car Payments
The Influence of Global Regulatory Compliance on Financial Services
Artificial Intelligence: The Key to Financial Inclusion
Visa Offers Travelers a Digital Card Replacement Service
Next-Gen Biometric Payment Cards Launched by Fingerprints and Valid
Financial Services Sector Hesitant to Adopt AI
Signicat: Organisations Are Still Unprepared to Fight AI-Driven Fraud
Bowhead Specialty and Kalepa Improve AI-Driven Underwriting