OMB Bank in Springfield, Mo., has created an embedded finance division.
The $1.4 billion-asset bank said that OMBX will offer banking solutions to fintechs and other digital companies. The platform will include compliance support, fraud prevention, payment processing, and analytics tools.
“Embedded finance is revolutionizing the way businesses and consumers interact with banking services,” Steve Bishop, the bank’s chief innovation officer and the division’s president, said in the release.
“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,” he added.