Banking News

Wedge Financial Joins Banking As A Service (Baas) Association

Wedge Financial Joins Banking as a Service Association

Wedge, the first smart debit card that lets users pay for everyday purchases with any asset, announced today that they joined the newly launched Bankers Helping Bankers (BHB) Banking as a Service (BaaS) Association to further its commitment to support community banks.

Read: Research Reveals ‘Payment Processing As A Business’ Opportunity For Banks

The BaaS Association was formed by Bankers Helping Bankers, a FedFis and Independent Bankers Association of Texas (IBAT) collaborative, that connects bankers nationwide so that they can identify solutions that will enable them to compete with large financial institutions. “The BaaS serves a unique need. Adopting a regulatory-forward and secure bank-to-fintech relationship is the foundation required to deploy new technologies responsibly, and the BHB Association is uniquely positioned to provide that,” said Billy Roberts, Wedge CEO. “Here at Wedge, we look forward to working with the Association and its participants of like-minded professional experts within the FinTech space.”

The Baas Association Was Created To:

  • Coordinate legislative and regulatory advocacy efforts to promote an environment for the responsible delivery of BaaS by Federally-insured depository institutions.
  • Promote best practices and standards for the delivery of BaaS to non-banks.
  • Build a community of like-minded bankers and other industry participants to share experiences, insights, successes, and failures realized in BaaS endeavors.
  • Connect Federally-insured financial institutions to the fintech technology partners who will help them facilitate a successful BaaS program.

Read: Business Adoption of Emerging Electronic Payment Tools Is On Rise

BaaS is a highly specialized niche and one that is seeing a tremendous increase in bank participants. Fueled by rapid expansion in FinTech funding and a constant supply of new startups, there simply aren’t enough BaaS Sponsor banks to meet the growing demand from hundreds of FinTech applicants.

Tanner Mayo, co-founder of BHB, said, “Bankers delivering BaaS are leaders in profitability and innovation. It is essential that banks getting into this space do so in a safe, sound, and regulatory compliant way. This association is intended to help them embrace the opportunities of BaaS, while proactively identifying and mitigating risks.”

Wedge changes how consumers use their assets such as stocks, ETF, and cryptocurrencies by enabling them to be used for everyday purchases. Wedge’s smart debit card puts users’ money to work in the markets without sacrificing liquidity, allowing them to capitalize on market movements any time they make a purchase.

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