Imagine a future where cars, through the integration of embedded finance, could become ‘intelligent digital tokens’. Tokens which can facilitate payments, financial flow management, data collection and more. Looking to make this future a reality, Toyota Financial Services Italy, the financial division of Toyota Group has become a corporate partner of Fintech District, the international reference community for the fintech and techfin ecosystem in Italy.
Clelia Tosi, head of Fintech District, commented on the partnership saying: “Fintech District has become a reference point for the entire Italian fintech ecosystem, with 295 entities in the sector collaborating with our Corporate partners to create new growth opportunities. We are thrilled that such a major player as Toyota Financial Services has joined our network. It will bring additional value to the entire system”.
The partnership will explore growth and investment opportunities, supporting initiatives in environmental sustainability, and promoting economic accessibility and financial flexibility. Furthermore, it aims to maximise value from open innovation, thanks to the partnership with Fabrick, an international player in open finance. This collaboration will see the implementation of new solutions for advanced payment service management.
“The collaboration with Fabrick is part of a broader strategic direction for the Toyota Group,” commented Mauro Caruccio, CEO of Toyota Financial Services Italy and chairman and CEO of KINTO Italy. “We’re aiming to enhance a multi-technological approach in vehicle electrification by offering a comprehensive and integrated range of financial and mobility services.”
The journey begins with the implementation of an embedded finance solution, which, on one hand, optimises processes through the automation of back-office activities. On the other, it simplifies interaction with banking and financial stakeholders by making transactions and payment flow management more efficient.
Additionally, by enhancing the evolution and development of collection and payment systems for the Toyota and Lexus dealer and service centre network, advanced solutions can be offered to them in addition to the already available wholesale solutions.
Transforming the sector
Caruccio continued: “Fin-Mobility is already well-established within the Toyota Group. KINTO Italia and Toyota Financial Services Italy (TFSI) are already working synergistically to support the ongoing transformation in the mobility sector.
“By promoting credit interoperability across all Toyota Group companies in various application areas (financial, insurance, mobility, and payment) and through efficient financial flow management, we can offer simple and accessible purchase or usage options to ensure ease and flexibility throughout the entire lifecycle of the automobile and customer usage.
“We are convinced of the central role that service components will play in supporting a long and challenging energy transition towards carbon neutrality.”
Paolo Zaccardi, CEO of Fabrick stated: “We are proud to have been chosen as a partner by Toyota Financial Services, a major player in the automotive sector. This partnership validates the growth path we have pursued over the years and solidifies our position as one of the leading embedded finance operators in Italy and Europe.
“Today, payment systems are integral to everyday life, and by developing new methods and innovative solutions, we can integrate them with services like Toyota Financial Services’ mobility offerings. It’s no longer just a matter of managing transactions; it’s about creating a user experience that simplifies payments and serves as a touchpoint for the end customer.
“To achieve this, we collaborate with companies across various sectors. We offer services to end customers, and help them to streamline and optimise payment processes and integrate new solutions.”
When finance meets mobility
The collaboration between Toyota Financial Services Italia and Fabrick originates within the framework of Finmobility. This focuses on the convergence of the financial and mobility sectors and represents one of the fastest-growing trends.
This trend was also confirmed by the Fabrick whitepaper Embrace Embedded Finance For Seamless Payment Success: A Spotlight On Europe. It was carried out by Forrester Consulting on a sample of more than 600 European companies (including automotive industry leaders).
It emerged that more than 60 per cent of the surveyed automotive companies are ready to increase their budgets by more than 20 per cent for paytech solutions. Over the next 24 months, they will focus on:
- Digital wallet (65 per cent)
- Payment orchestration and optimisation (63 per cent)
- Smart routing to a more efficient and high-performing payment provider (61 per cent)
- Integrated multinational payment acceptance functionality (61 per cent)
