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Banking-as-a-Service (BaaS) is a key component to open banking, in which banks open up their systems and allow third parties to access their data to enhance their own services. This growing market is transforming retail banking, reshaping incumbents’ relationships with customers, and easing entry for fintechs.
The UK is leading the open banking movement with regulatory efforts that are reverberating throughout the world. Countries across continents have introduced open banking regulations of their own, indicating that the financial services industry is moving toward an era where sharing data and infrastructure will be table stakes.
Here are the top companies already implementing BaaS strategies, broken out into two main categories:
Pure BaaS Providers
Retail Banks w/ BaaS Services
Pure BaaS Providers
solarisBank bills itself as a “tech company with a banking license.” The Berlin-based startup holds a German banking license and provides a BaaS platform that enables businesses to offer fully digital and compliant white labeled financial services to their end-customers.
Founded in 2016, solarisBank’s lets customers seamlessly integrate financial services into their offerings through modern RESTful APIs. The team is focused on building fully automated processes, providing nearly invisible infrastructure to end users, and creating a global digital ecosystem for customers to build their own scalable banking products.
The company boasts nearly 60 global corporate clients, and closed a €56.6 million ($62.7 million) Series B funding round in early 2018 that included investments from BBVA, Visa, SBI Group, and Lakestar.
Some of solarisBank’s customers include:
Al Baraka Bank
Learn more about solarisBank.
Bankable is a London-based startup focused on enabling incumbent financial institutions, fintechs, and other corporations to bring new payments solutions to market. Its BaaS solutions include a virtual ledger manager, digital banking, payment card programs, and e-wallets.
Its end-to-end payment services are accessible via an interoperable proprietary platform that’s PCI-DSS (Payment Card Industry – Data Security Standards) certified and hosted in Tier-4 data centers for advanced security. Bankable helps its partners meet the technological and regulatory challenges of developing disruptive financial services.
In April of 2019, Bankable announced a partnership with Visa to accelerate its digital banking solutions.
Some of Bankable’s customers include:
Learn more about Bankable.
Treezor is a white label core banking platform that operates as a “one-stop shop payment solution” both receiving and issuing payments. The firm facilitates payment management by enabling its 30 licensed and unlicensed fintech clients to provide their customers personalized credit cards and dedicated International Bank Account Numbers (IBANs).
Founded in 2015, the Paris-based startup is accredited by the French Prudential Supervision and Resolution Authority (ACPR), and is a member of the Mastercard and SEPA networks. Treezor was acquired by Societe Generale in 2018 to accelerate the parent company’s open innovation strategy.Some of Treezor’s fintech clients include:
Learn more about Treezor.
UK-based SaaS/PaaS company 11:FS Foundry is in the process of developing a platform to offer core banking capabilities leveraging tech that eliminates the need to choose between …read more
Source:: Business Insider