A Simple Introduction to Banking-as-a-service

Too Long; Didn't Read

BaaS providers act as a bridge between a bank and a company – they integrate the bank's financial infrastructure into a company’s app or website. This greatly reduces the costs and complexities involved in taking the financial services and products to the end customer. Banks hold money, remittance, and payment processing, but banks need tons of investment and create the required infrastructure. To enable these functions, banks need to create the necessary infrastructure, which often create gridlocks. With BAAS providers, businesses don’t need licensing or compliance with many financial regulations, because they never*“touch”* the money.