Equals Money, a provider of payment solutions for corporate expenses, has introduced a Banking-as-a-Service (BaaS) product that enables businesses to offer their own digital payment and card services.
This BaaS offering allows firms to leverage Equals Money’s infrastructure to deploy products without the need to obtain regulatory licenses. By utilizing the company’s API and products, clients can create custom-branded cards, facilitate global payments, and manage multi-currency accounts for their customers, thereby unlocking new revenue streams.
Among the early adopters of this service are CASHét, a US firm specializing in film services payments, and Chorus, a global treasury management solution catering to the music and entertainment industries.
James Simcox, Chief Product Officer and Managing Director, International at Equals, stated, “This development essentially enables businesses to function as banking providers with just a few lines of code, thanks to the existing infrastructure provided by Equals Money.”
In a related development, Zūm Rails, a firm specializing in open banking and instant payments, has appointed Miro Pavletic from Credit Sesame to enhance its BaaS offerings. The AI-driven BaaS platform aims to help businesses leverage open banking to deliver bank-like services directly to their customers.
Pavletic mentioned, “There is a significant market opportunity for non-banks to utilize BaaS and expedite their market entry. Currently, two major barriers to implementation are regulatory delays in open banking and the need for multiple vendors and resources. Our initiative will eliminate these obstacles, allowing our clients to better personalize their services, strengthen customer relationships, and accelerate revenue generation.”
For more insights into the challenges and opportunities artificial intelligence presents in the banking sector, consider attending Finextra’s inaugural NextGenAI conference on November 26, 2024.