5 things you need to know about BaaS
Baas or Banking-as-a-Service
As the world embraces digital transformation, the financial sector is evolving rapidly, giving rise to new solutions such as BaaS. BaaS or Banking as a Service enables startups and companies to offer payment services without the need for a banking license. In this blog, we’ll explore five crucial aspects of BaaS that every FinTech entrepreneur should know about to unlock its full potential.
What is BaaS?
BaaS is a solution that enables certain organisations to offer payment services independent of their traditional banks. These services can be customised.
Example of a Banking as a Service solution?
A FinTech startup offering a mobile payment application can create its own banking system by collaborating with a BaaS provider. Indeed, the latter has all the banking infrastructure required, including the ability to process payments and manage accounts.
With E-Pay Space, you can integrate these financial services into your business. So your customers can make payments, check their balance, all within your application. It’s like having a mini-bank built into your own product!
What is the added value of BaaS?
How does a Banking as a Service API works?
A Banking as a Service (BaaS) API enables external companies to integrate banking functions such as payments, transfers and account information into their applications. Thanks to secure authentication, companies can access these services without having to build their own banking infrastructure, thus fostering innovation and speeding up the launch of new financial products. This makes it easier for banks and other companies to collaborate, which in turn fosters the evolution of financial technologies.
Why can E-Pay Space be your ideal BaaS provider?
● Quick to install
● In-house legal protection and regulatory support for implementation
● Up-to-date features quickly available
● Scalable API and fully protected infrastructure
● Customer support
● Solution already implemented for other customers
Working with EPS is like having the power of a bank at your fingertips, without being a bank yourself. In this way, you can provide convenient and transparent financial services to your customers, through your own product or application.
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