Atlanta, April 24, 2023 — Maast™, whose mission is to make embedded finance attainable, announced today the launch of its groundbreaking embedded finance solutions. Software providers and independent software vendors (ISV) can partner with the Maast to help attract new customers, potentially increase revenue per customer and deepen existing customer relationships by seamlessly incorporating payment acceptance, banking solutions, and more as features in their platform and under their brand. This combination of benefits provides “money-as-a-service” to a wide array of growing businesses.
Embedded finance, integrating financial products within a nonfinancial software application, is rapidly becoming a core software component. According to Bain & Company, embedded finance accounted for $2.6 trillion, or 5%, of total U.S. transactions in 2021. By 2026, that number is expected to grow to more than $7 trillion, greater than 10% of all U.S. transactions.
Maast believes embedded finance only begins with payments and should include the entire money movement value chain across payments and banking. By partnering with Maast, software providers have the potential to create new revenue streams, get to market fast, and offer small and medium-sized business owners (SMBs) a better payment acceptance experience and a more modern business checking account. Maast will help streamline integrations and can assist software providers in managing funding, underwriting, compliance, security, and support.
Unique to Maast, the payment and banking onboarding, as well as the money movement experiences, have the potential to be connected and brandable. This capability results in an easier, faster onboarding experience, money movement and reconciliation. SMBs can “follow the money” end-to-end with a brand they know and trust, their software provider.
Maast is a wholly-owned subsidiary of Synovus Bank, Member FDIC, a trusted banking partner in the Southeast with a rich 130-year plus history of innovation and approximately $62 billion in assets. With the addition of Maast, Synovus expands its distribution model and can boast a digital banking offering and platform for delivering new products and services. Maast can offer software providers a built-in bank sponsor, FDIC insurance, and a proven risk, compliance, and regulatory framework.
Along with securely accepting payments, software providers can now offer their customers brandable, 100% digital business checking accounts. Features include a contactless Visa® debit card, online banking, a mobile app, cashflow and budgeting insights, banking and tax statements, user role and card management, and secure email or in-app customer support messaging. Money movement capabilities include bill pay, peer-to-peer, account-to-account, mobile deposits, 24-hr ATM access, as well as in- and out-bound ACH. SMBs can also enjoy $0 required to open, no minimum deposits, no bill pay fees, and unlimited deposits, all while being FDIC insured up to $250,000 per depositor by Synovus Bank.
“Embedded finance is hard,” ,” said Maast CEO Tom Bell. “Maast removes technical and operational barriers so software providers can focus on what they do best, providing the software and tools their customers use to run their businesses. By offering a single relationship, contract, and integration to embed not only payments but also banking solutions, we allow software providers to deepen their relationships with customers. Our hyper-verticalized approach simplifies how business owners move money by combining payments, banking, and more into one centralized experience.”
Maast is currently slated for general availability this summer. More information can be found at maast.com.
ClerkHound Software Suite partners with Maast to support music store owners
Maast is powering BillingHound and CheckingHound, two solutions offered as part of the new ClerkHound Software Suite. When co-founder Chris Mitchell could not find adequate software to run his multidisciplinary business — which includes a music store, instrument rental and repair, lessons, and even manufacturing— he built his own. This partnership allows music store owners to start accepting payments fast with BillingHound and enjoy easier enrollment. Funds from accepting payments flow directly into a CheckingHound business checking account that comes with a Visa business debit card, online banking portal, and mobile app.
“Anyone who owns a music store knows what an incredibly rewarding experience it can be, but they also know it comes with unusual demands, most of which can’t be easily addressed with traditional small business software,” said Chris Mitchell, CEO of ClerkHound LLC. “We designed our software so that music store owners can manage all aspects of their businesses. Partnering with Maast on BillingHound and CheckingHound helps music store owners get paid quickly and bank from anywhere, with options specifically designed to solve everyday problems.”