TLDR
Banking as a Service (BaaS) is a model that allows online banks and third parties to connect directly to banking systems through APIs. BaaS is often confused with Open Banking as the latter also uses an API to link banks to non-banks. The leading players in banking platforms use the power of financial technology to provide access to the services offered by the banks themselves. The two main BAAS monetization strategies include charging customers a monthly fee to access the platform or charging for each used service.via the TL;DR App
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Written by sashaandrieiev | CEO & Founder at Jelvix | Digital Leader| Innovation Expert
