Financial tools once limited to large firms are now accessible to SMBs via APIs and embedded finance. From large lenders like Citi and JPMorgan, to systemically important banks like BNY and Lloyds, as well as major market institutions like Truist, bank executives all stressed to their respective investors the importance of back-office units. Against a backdrop of operational uncertainty, FinTech fragmentation and growing demand for streamlined, data-rich payments, these FIs’ TTS and embedded finance platforms are becoming strategic growth engines. Done right, embedded finance shifts from a buzzword to a reliable infrastructure. Citi’s Services business, for example, posted record second-quarter 2025 revenues of $5.1 billion, up 8% year over year. Market share gains of 40 basis points in TTS were driven by a 7% rise in cross-border transaction value and higher deposit balances. BNY’s Treasury Services offerings were likewise up year-over-year. Nearly two-thirds would switch providers to access embedded finance solutions. For banks, this underscores the opportunity within treasury and payments services. At the same time, innovations like stablecoins are reshaping what treasury management and payments might look like in the future.