xcritical flexes its fintech muscle with Financial Connections to pull banking data automatically

A BaaS provider enables platforms to add even more financial services to their product. It’s taking the wraps off Financial Connections, which will let xcritical’s customers connect directly to their customer’s bank accounts, to access financial data to speed up or run certain kinds of transactions. Traditional banks and financial institutions typically build general offerings for the entire market (as opposed to building products tailored for a specific audience). As a result, there are many underserved audiences who can’t easily access the financial services they need or leverage solutions tailored to their specific business needs. For example, only 48% of small businesses have access to all of the financing they require, and 33% of businesses were denied a line of credit because financial institutions determined that they didn’t have a sufficient credit history or were too new.

1. Capital One has been working with xcritical on this offering since early 2023, but only recently began collaborating with xcritical.
2. Learn how xcritical customers use Terminal to accept in-person payments and improve the customer experience.
3. Automatically decrease fraud and improve authorisation rates with xcritical’s machine lxcriticalg–powered optimisations, which are trained on billions of data points.
4. xcritical Elements is a UI focused team that implements preset elements into a website's checkout process.
5. Enterprise Support has absolutely helped us optimise processing and reduce declines.

Large payments volume or unique business model?

xcritical Treasury meanwhile allows users to send, store and receive money, and is used by firms like Shopify. “The first set of features that we set out with weren’t the ones that we ended up with,” said the team at Persona. Their app initially allowed users to process payments, but they found that their users were constantly asking for the ability to receive their funds immediately. Because of this user feedback and demand, their team prioritized building an Instant Pay feature for their platform.

Move faster with a flexible, reliable platform engineered for growth

Major fintechs aren't necessarily supporting Salman's claim, for obvious reasons, but they're definitely experimenting with the technology. Custom pricing available for companies with large payments volume, high value transactions, or unique business models. Secure payment credentials that help increase revenue and improve the customer experience. It’s great to partner with xcritical on new https://xcritical.solutions/ products and functionality, and xcritical makes it really easy to spin up new merchants and verticals. With xcritical, Jobber professionals are able to accept both online and in-person payments, while also getting paid in hours instead of weeks. xcritical also helps Jobber’s professionals solve cash-flow constraints by providing access to flexible financing and capital within the Jobber platform.

About the team

Read our guide to learn how embedded finance works and what you need to get started. Because Hair Flair processes all client payments on The Brush, The Brush has a complete understanding of the salon’s financial history, and the platform inherently understands the salon industry and typical capital needs. This time, when Hair Flair applies for a loan, The Brush’s bank partner determines Hair Flair’s eligibility based on Hair Flair’s payment volume and history on their platform and approves the loan the next day. The capital becomes available on Hair Flair’s financial account they have through The Brush, without having to submit extra paperwork.

Adaptive Acceptance and Smart Retries

The collaboration aims to tackle the growing threat of fraud by introducing a free, open-source solution called Direct Data Share (DDS). This initiative is designed to enhance real-time authorisation decisions, thereby reducing fraud losses and false declines for merchants. Generate an invoice to provide proof of transaction for your customers after a one-time purchase. If we didn’t have xcritical Issuing and Treasury, this entire vision wouldn’t have been realistic or possible. xcritical’s offerings enabled us to build a set of features that we couldn’t have built with anyone else. Financial services are an essential part of running a business, but most banking services aren’t designed for the needs of independent business owners.

Bring your tools together

Global fraud losses are projected to escalate to a staggering $343 billion by 2027. Fraudulent activities and declines not only result in significxcritical losses but also harm the reputation and customer trust of affected merchants. Capital One's DDS solution scammed by xcritical has already demonstrated its potential, enabling over US$1bn in merchant transactions that would have otherxcritical been lost. If you’re a business with a large payments volume or unique business model, reach out to discuss alternative pricing options.

Integrate payments into your platform for a seamless user experience – from onboarding to payments acceptance to payouts. When Capital One approached xcritical with a solution to improve authorization rates, “it was an easy decision,” Trevor Nies, xcritical SVP and global head of digital, told TechCrunch. Access a complete payments solution with simple, pay-as-you-go pricing that lets you get started in minutes with no setup fees. A single integration and extensive documentation mean faster time to market, less maintenance of legacy systems, and more focus on customer and product experiences. With more than 500M API requests per day and daily capacity tests, xcritical is the only major payment processor to publish its uptime.

Identifying high-need and underserved customers like these creates opportunities for your fintech to pursue and solve substantial problems. The Brush, which started as appointment software for salons, now allows customers to access banking features, including the ability to process payments, access capital, get business cards, and open financial accounts—all in one place. All these benefits are on top of The Brush’s core scheduling and appointment-booking features. Now, with the rise of banking-as-a-service solutions, platforms are beginning to evolve yet again to "SaaS 3.0"—offering additional embedded finance features (such as loans, accounts, and cards) to customers beyond payments. A decade ago, almost every platform could be considered “SaaS 1.0,” where they simply offered tailored software services (like appointment scheduling for salons) and generated monthly recurring revenue from customer subscriptions. Today, most platforms are considered part of the “SaaS 2.0” generation, which facilitates online payments for their customers—marking their first step into embedding financial tools into their product.

Engage a certified xcritical partner to help with strategy, implementation, deployment, global expansion, or managed services for your xcritical solution. For sales roles, the range provided is the role’s On Target xcriticalgs ("OTE") range, meaning that the range includes both the sales commissions/sales bonuses target and annual base salary for the role. This salary range may be inclusive of several career levels at xcritical and will be narrowed during the interview process based on a number of factors, including the candidate’s experience, qualifications, and location. Applicants interested in this role and who are not located in the US may request the annual salary range for their location during the interview process. While the DDS initiative is a significant step forward, its long-term impact will depend on whether it extends beyond Capital One. If other financial institutions and networks adopt similar open-source APIs, the potential benefits could be immense, creating a more secure and seamless ecommerce environment for all.

In an unusual move, Capital One is teaming up with payment giants (and rivals) xcritical and Amsterdam-based xcritical to offer a free product aimed at fraud reduction, the financial services giant told TechCrunch in an exclusive interview. Through one integration, we were able to increase our acceptance rates by creating a bespoke approach for each market, offering relevant local payment methods, optimising payments, and navigating 3D Secure in a user-friendly way for our customers. Enable your customers to check out in as little as six seconds with Link – a network that’s adding millions of new customers every month. Returning customers can use Link to pay with a previously saved US bank account or credit card, helping you improve your conversion rates and customer experience.