Top Global FinTechs Known for Their Banking-as-a-Service Capability
Given the Ubiquitous power of AI powered smart technologies, the entire banking industry is undergoing massive transformation. Fintech is a very broad term and it has further encompassed various other technologies, which are capable of catering to each segment of online banking. Let us talk about the most trending Banking-as-as-service (BaaS) capabilities here.
Briefly, BaaS is a sector of FinTech disrupting the delivery of banking products. BaaS service providers are the intermediaries between banks and fintech that help offer elite and precise financial services to end users. BaaS is also an ecosystem with various key components that vary according to the global regulatory framework.
Here are a few BaaS tools that are changing the landscape of global banking system:
It is a Berlin based tech firm with a banking license offering a completely digital BaaS platform. The company has the permission to collaborate with business partners all across Europe. SolarisBank provides seamless and structured integration of customized financial services. Functions such as KYC checks, bank account transactions, card payments are easy through the in-built API interface of SolarisBank.
Next in the list is Bankable, which is a London-based firm offering a holistic range of financial services under its BaaS capability. Bankable is popularly empowering financial and banking institutions to roll out their innovative payment solutions that are quick, cost effective and safe. The platform is composed of payment card programs, wallets, virtual ledge managers and many other digital banking solutions.
Starling Bank might not be a pure BaaS provider, but it is a retail bank with in-built BaaS functionality. The tech company helps various fintechs, corporates and banks to use its license to facilitate their clients with FSCS-protected accounts. With such accounts, the users can organize, keep and transfer money in real time.
Pi1 is a relatively new cloud based platform that is one of the top listed FinTech’s in the UK. With the help of Pi1, fintechs, banks and financial institutions can launch innovative financial solutions. Pi1 enables its users to perform KYC checks within 90 seconds. Pi1 also provides access to advanced analytics to have an overview of the entire customer journey with the bank.
Green Dot is a branchless bank. It started its journey to become one of the renowned BaaS fintech platforms with its first collaboration with Walmart. Having integrated Green Dot in a system, the user can enjoy a comprehensive infrastructure for running payment and banking programs seamlessly.
BBVA helps its users to implement innovative financial ideas and support them by its strong infrastructure. One of the first banks in the US to launch its suite of BaaS products, BBVA is an open platform that enables the users to perform various financial operations such as KYC, KYB assessment and so on.
A core banking platform, Treezor operates as a ‘one-stop shop payment solution’ both for receiving and issuing payments. The tech firm works with its 30 fintech vendors to offer its customers with personalized credit cards and International Bank Account numbers. Treezor is a Paris based start-up, and it is an active member of SEPA and Mastercard network.
The next in our list is the UK-based SaaS/Baas platform, which is aiming to develop core banking capabilities leveraging the power of technology that when combined offers scalability and agility. The tech firm wants to overhaul the entire banking system and upgrade it from its core.
Cambr was founded in the year 2018 as a partnership between StoneCastle and Q2. It offers full stack banking services and it is one of the largest deposit platforms in the country. Cambr takes a back seat when it comes to offering turnkey BaaS solutions, but it has built its robust infrastructure with extensive industry experience, technology assets and strategic banking relationships.
In 2017, Fidor Bank was acquired by Group BPCE, however, it is still known as Fidor Bank. It is a German based digital bank supporting and bringing the ideas of digital banking to life. If an institution is in search of white-label banking solutions across Europe, risk management, compliance and regulations, go-to market strategy and customer service, Fidor Bank is the right choice. Fidor adds a unique customer experience with its innovative API.
With services and capabilities within the BaaS ecosystem, it seems like an open banking movement is proliferating around the globe faster. It is creating a space for new entrants and forcing the legacy banks to reassume and re-establish their pillars in the world of digital banking.