There are a myriad of BaaS providers in the market at the moment, which makes it harder for businesses and fintech companies to identify which one suits them best. Different banking as a service providers offer different banking solutions. For instance, services like card issuing, personal financing, lending, payouts etc. How do you know which one you need exactly and whether a particular provider can do it right for your business?
Everything will be answered in this article. We’ll review several popular BaaS providers and help you make the right decision.
What is Banking as a Service?
BaaS is an end-to-end business model that allows non-banks to offer the newest financial products and top-notch service by integrating with banks via APIs and the providers’ regulated infrastructure.
In a nutshell, it is a superior, quicker, and low-priced way of producing, embedding, and delivering financial products and services to businesses that wish to unlock banking opportunities.
How does BaaS work?
BaaS makes it the most unchallenging method for start-ups to integrate financial services straight into their products. If you are not quite comprehending, here’s an elucidation of how it operates. Essentially, thanks to the BaaS mechanism a bank can unfold its capabilities to fintech and even non-fintech businesses. The result of this cooperation is easily built products on top of the traditional banking infrastructure.
The goal of BaaS is providing businesses with services for their end-users conveniently and fast. It alters the work and perception of a traditional bank by producing highly adaptable banking propositions and reshaping the global financial services landscape.
There’s no point in building banking offerings from scratch when enablers such as Crassula along with BaaS providers can do these operations for you. They function as mediators that solve the issues and obligations that embedders or banks never manage to fulfill.
Why does my business need to adopt the BaaS model?
Firstly it’s an excellent and simplified way of organizing all your necessary financial aspects of business in one place. Apart from getting customization and innovation for the development of your financial products, banking as a business service offers plenty of other benefits as well.
It brings up an extensive option of selecting different products and approaching services at a first hand through apps or websites. Also, the ideology of Baas with cutting-edge solutions strives to be client-oriented, meaning that Baas is in need of a customer. On the top of that the Baas business model is transparent which makes it better in a contrast to traditional banks. And BaaS providers are one of a few players breaking through to make your clients happier than ever. But, what are the most popular BaaS providers?
Top BaaS providers
BaaS providers possess a great deal of experience that shows their professionalism and successful track record. All of the providers are outstanding on their own and one can presumptively be a more perfect match for your business than the other.
The providers below were chosen deliberately among the dozens of others, according to these main factors: trustworthiness, liability, attention to customers needs, expertness, and continuous development.
Railsr
Why do we like Railsr?
Not only is it one of the popular digital banks in the UK, but also a great example of being attentive to clients and their financial operations. Above all, Rails or more know as Railsbank offers Deep Foundations that widen your opportunities of working with a bank, for instance, obtaining Visa & Mastercard licenses, requesting financial regulation licenses, doing payment scheme memberships, having credit licenses, or central bank direct currency clearing.
With the use of technology that is secured and fully functional the uniqueness of Railsr is kept on the top amid its competitors. It allows them to maintain a variability and makes it noticeable through the masses. Additionally, this BaaS service provider offers a wide range of end-to-end operations.
Advantages you get
Customers get all-in-one solution – by using Rails service you get products that are completely customizable and gain access to a wide range of wholesale banking services technology that comprises conveying, acquiring, and converting money, issuing cards, managing credit, direct debit, and IBANs. Within the open finance platform, it provides an opportunity to create financial product prototypes, launch them, and scale their vision.
Supplying numerous options of embedded financial services – railsback is a software-as-a-service provider that goes over the top with the items accessible through its single API platform. Gathered together completed pieces of suite in client apps, which contain banking as a service, cards as a service, credit as a service, operations as a service, and insights as a service.
Possessing an uncomplicating pitch that makes producing products easier – the most noticeable thing in Railsr is a simple pitch — this is what guarantees access to the total package of global financial capabilities in one platform through acquiring services and products from professionals.
ClearBank
The next provider from the UK offers the best expert guidance on the market. ClearBank has constructed a present-day assortment of cloud-based financial rails that provides financial institutions, banks, non-banks, and other customers with access to authorization on different financial services and payment transactions.
Why do we like ClearBank?
Customers get seamless transactions – ClearBank accelerates all sorts of agreements for merchants and their end customers to offer easy and quick access to their money.
Preparing firms for taking off – from the first day, ClearBank is there with your business going through the regulation process and assisting you to navigate the path of becoming a regulated business. It includes aspects such as launching a banking product, opening accounts, and connecting your customers directly to the payment schemes.
Assemble your investments without delays – by obtaining flexible accounts and real-time clearing, customers can enjoy complete visibility of their investments and forget about unnecessary foot-dragging.
Facilitating digital assets adoption – the instant and seamless facilitation of transactions enables users to exchange their fiat money for cryptocurrencies and the other way around. Through their technology, the company can embrace the future of digital currency while cooperating with the best in the market and those up-and-coming – putting forward monetary value into the crypto ecosystem.
Clearjunction
This provider does not only use such powerful instruments like network and knowledge to understand what their customers need but also power financial services of companies and authorize them to reproduce. The company possesses years of experience in the payments area and huge expertise in risk compliance.
Why do we like Clearjunction?
Possibilities of entering new markets – the Clearjunction’s payment networks dispense rapid access to markets across the globe, enabling your business to expand the audience
Embracing new technologies – integrating automated cross-border payments into the banks’ service uplifts their competitive advantage and makes banking operations more approachable.
Comprehending and facing the risks – if you are up for foreseeing and navigating risks, the professional team of Clearjunction is in the possession of experience, knowledge, skills of doing operations necessary to manage them quickly and easily.
Evolving latest capabilities – in the 21st century you have to keep up with innovations. This BaaS provider is always at your disposal to boost financial activities and make your banking services ameliorated.
Conclusion
To sum up, working with a BaaS provider becomes an actual necessity for businesses of all kinds, from fintech startups to well-established platforms. If you want to integrate the financial services traditionally offered by a bank faster, cheaper, and more efficiently, you know where to start.
Choose the provider that has a vision similar to yours and launch banking offerings such as monetary accounts, cards, and loans directly into your existing software with one of them.
