Fintech
Toyota Financial Services Italia explores how the worlds of finance and mobility can be combined
Imagine a future where cars, through the integration of embedded finance, could become “smart digital tokens.” Tokens that can facilitate payments, financial flow management, data collection and more. Seeking to make this future a reality, Toyota Financial Services Italythe financial division of Toyota Group has become a corporate partner of Fintech Districtthe international reference community for the fintech and techfin ecosystem in Italy.
Clelia Tosihead of the Fintech District, commented on the partnership by stating: “Fintech District has become a point of reference 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 an important player as Toyota Financial Services has joined our network. It will bring further value to the entire system”.
The partnership will explore growth and investment opportunities, supporting environmental sustainability initiatives and promoting financial affordability and flexibility. It also aims to maximize the value of open innovation, through partnerships with Tissuean international player in open finance. This collaboration will see the implementation of new solutions for the advanced management of payment services.
“The collaboration with Fabrick is part of a broader strategic orientation for the Toyota Group,” commented Mauro cute littleCEO of Toyota Financial Services Italia and President and CEO of KINTO Italy“We aim to enhance a multi-technology approach in vehicle electrification by offering a complete and integrated range of financial and mobility services.”
The journey begins with the implementation of an embedded financial solution that, on the one hand, optimizes processes by automating back-office activities. On the other hand, it simplifies interaction with banking and financial stakeholders by making the management of transactions and payment flows more efficient.
Furthermore, by improving the evolution and development of collection and payment systems for the Toyota AND Lexus to the network of dealers and service centers, it is possible to offer them advanced solutions in addition to the wholesale solutions already available.
Transforming the industry
Caruccio continued: “Fin-Mobility is already well established within the Toyota Group. KINTO Italia and Toyota Financial Services Italy (TFSI) are already working in synergy to support the ongoing transformation in the mobility sector.
“By promoting credit interoperability across Toyota Group companies in various application areas (finance, insurance, mobility and payment) and through efficient management of financial flows, we can offer simple and accessible purchase or use options to ensure ease and flexibility throughout the life cycle of the automobile and its use by the customer.
“We are convinced of the central role that the components of the service will play in supporting a long and challenging energy transition towards carbon neutrality.”
Paul ZaccardiFabrick CEO stated: “We are proud to have been chosen as a partner by Toyota Financial Services, one of the main players in the automotive sector. This partnership validates the growth path we have undertaken over the years and consolidates our position as one of the main embedded finance operators in Italy and Europe.
“Today, payment systems are an integral part of everyday life, and by developing new methods and innovative solutions, we can integrate them with services such as Toyota Financial Services’ mobility offerings. It’s no longer just about managing transactions; it’s about creating a user experience that simplifies payments and serves as a point of contact for the end customer.
“To achieve this goal, we collaborate with companies from various sectors. We offer services to end customers and help them simplify and optimize payment processes and integrate new solutions.”
When finance meets mobility
The collaboration between Toyota Financial Services Italia and Fabrick was born within the framework of Finmobility, an initiative focused on the convergence between the financial and mobility sectors, which represents one of the fastest growing trends.
This trend was also confirmed by Fabrick’s whitepaper Embrace Embedded Finance For Seamless Payment Success: A Spotlight On Europe. It was produced by Forrester Consulting on a sample of over 600 European companies (including leaders in the automotive sector).
It turns out that over 60 percent of the automotive companies surveyed are ready to increase their budgets by more than 20 percent for paytech solutions. Over the next 24 months, they will focus on:
- Digital Wallet (65 percent)
- Payment Orchestration and Optimization (63%)
- Intelligent routing to a more efficient and performing payment service provider (61%)
- Integrated multinational payment acceptance functionality (61%)