Springfield, Mo.-Based OMB Bank recently launched embedded finance division OMBX.
OMBX offers compliance support, fraud prevention, payment processing and analytics tools. According to the $1.6 billion bank, seven fintechs are already operating with several more in the works.
The embedded finance market is expected to surpass $500 billion in global revenue by 2029, according to OMB Bank.
“Embedded finance is revolutionizing the way businesses and consumers interact with banking services,” said OMBX President Steve Bishop, chief innovation officer at OMB Bank. “With OMBX, we are meeting this demand head-on, offering clients a powerful banking partnership that delivers security, scalability and compliance, allowing them to focus on building transformative financial products.”