Toyota Financial Services Italy, the financial division of the Toyota Group, becomes a Corporate partner of Fintech District, the international reference community for the Fintech and Techfin ecosystem in Italy.
This partnership aims to explore new growth and investment opportunities through innovative projects in synergy with fintech entities. The vision is of a future where cars, through the integration of Embedded Finance services that facilitate payments, financial flow management, and data collection throughout the vehicle's lifecycle and customer usage, could evolve into "intelligent digital tokens”. This approach enables virtuous initiatives in environmental sustainability, promoting economic accessibility and financial flexibility. This initiative aims to maximise value from Open Innovation, thanks to the partnership with Fabrick, a leading international player in Open Finance. This collaboration will see the implementation of new solutions for advanced payment service management.
The journey begins with the implementation of an "Embedded Finance" solution, which, on one hand, optimises processes through the automation of back-office activities and, on the other, simplifies interaction with banking and financial stakeholders by making transactions and payment flow management more efficient. Furthermore, 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. This partnership ensures continuous and progressive evolution, improving the efficiency and effectiveness of financial transactions of any kind, in line with the highest market standards.
"The collaboration with Fabrick is part of a broader strategic direction for the Toyota Group, aiming to enhance a multi-technological approach in vehicle electrification by offering a comprehensive and integrated range of financial and mobility services. 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”, commented Mauro Caruccio, CEO of Toyota Financial Services Italy and Chairman & CEO of KINTO Italy. "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, offering services to end customers, helping them to streamline and optimise payment processes and integrate new solutions”'.
The collaboration between Toyota Financial Services Italia and Fabrick originates within the framework of Finmobility, which focuses on the convergence of the financial and mobility sectors and represents one of the fastest-growing trends today.
A trend also confirmed by the results of the whitepaper “Embrace Embedded Finance For Seamless Payment Success: A Spotlight On Europe”, carried out by Forrester Consulting, for Fabrick, on a sample of more than 600 European companies (including automotive industry leaders). It emerged that more than 60% of the surveyed automotive companies are ready, over the next 24 months, to increase their budgets by more than 20% for payment technology solutions such as Digital Wallet (65%), Payment Orchestration and Optimisation (63%), Smart Routing to a more efficient and high-performing payment provider (61%), and Integrated Multinational Payment Acceptance Functionality (61%).
Clelia Tosi, Head of Fintech District, said: "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, a leader in the automotive sector, has joined our network, bringing additional value to the entire system".