Priya PatelTLDR:
- Adyen obtained banking authorization from the Bank of England in record time, enabling faster payments in the UK.
- Adyen’s integration with BoE allows for faster payouts to platform users, attracting new customers and generating potential revenue uplift.
In a deep-dive interview with Adyen’s Vice President of Banking and Financial Products, Thom Ruiter, the importance of speed in payments is highlighted. Adyen’s rapid integration with the Bank of England (BoE) in just eight weeks allows for instant payments for platform customers in the UK. This integration not only benefits existing customers but also attracts new ones, with potential revenue uplift and faster payouts.
With Adyen’s focus on banking-as-a-service, they are expanding their financial product suite to offer innovative solutions, such as business financing and instant access to funds. The banking license obtained by Adyen enables them to create new products in the finance sector, providing more speed, flexibility, and reliability to UK customers.
Looking into the future, Adyen aims to capitalize on the banking-as-a-service opportunity and expand their portfolio of in-house solutions. By investing in banking licenses in core markets, Adyen positions itself as a provider that offers a full stack embedded financial product suite via a single integration. Their goal is to provide businesses with financial technology that aligns with their ambition and tackles legacy systems.
Overall, Adyen’s integration with the Bank of England signifies a big opportunity in the UK market, allowing for faster payments, improved financial services, and potential revenue growth for platform customers.
