Banking-as-a-Service (BaaS) could be a turning point for fintechs.
A BaaS platform enables fintechs and other third parties – as well as banks and credit unions – to connect with licensed and regulated banking back-ends via Application Programming Interfaces (APIs) so they can build financial services applications. In some cases, the banking back-ends are provided by fintechs that offer BaaS and deliver core banking service at the same time.
BaaS can fill the gap between the solutions a fintech offers and what customers demand.
The key to success lies in choosing the right BaaS platform to match a fintech’s business needs.
Here is a checklist of what to look for in a BaaS platform.
The stakes are rising for fintechs, along with the competition.
The right BaaS platform is critical to competing and providing a better customer experience.
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