There was an era when Online banking was revolutionary and it took time and much convincing the previous Gen-x that using your computer to pay your bills was safe and reliable. With online banking, it meant that the core parts of the fiscal business were digitized, but people still occupied the beginning and end parts of the banking process. You could pay your mortgage online, but opening your bank account needed the stamp of a human. …


Digital transformation is a priority for almost every bank, and today it’s impossible to imagine a world without digital banking. The most popular benefit is the convenience it gives to manage finances at any time and place with just internet connection and a mobile device or PC. No doubt one of the most popular features is Online Banking which in most cases are provided to customers free of charge. In addition to online banking, digital banks offer additional financial tools like loan calculators, financial planning tools, tools to help analyze investments, budgeting, forecasting, etc.

As more users have accessibility to…


banking as a service examples

Traditionally a closed-off and predominantly vertical sector, banking is undergoing a major transformation, part of which includes opening up and granting access to data, functionality, and customers to external parties. Many banks are heading towards a more open way of operations. We start to see the term Banking-as-a-Service (BaaS) more often.

Banking-as-a-service (BaaS) is an end-to-end process where financial services capabilities can be accessed and executed by third parties without having to organically build them. Think of SaaS (Software-as-a-Service), a more common term to our ears, which is a business model that implies the provision of a full technological solution for your business. Here, you have a full banking solution to your company’s needs. BaaS is at the core of embedded banking, which enables the integration of banking and payment services into companies’ apps and platforms

BaaS implies banks and financial institutions like EMI (electronic money institution) supplying access to their…


With the amount of digitization and innovation initiatives, banks and other conventional financial service providers have had to react. These initiatives employ cutting-edge technology to ensure an after-the-fact and transparent network basis for a customer-centric viewpoint rather than the conventional emphasis on goods, real-time intelligent data integration rather than sluggish research. As technology progresses, banks also need to deploy new tools in order to remain both competitive and defensive. Let’s take a look at 5 promising technological advances in banking:

1.Instant Payments

The increasing trend towards cashless transactions raises a challenge for digital payments, and especially transactions, to become as fast as…


face masks on a blue background

2020 has been a great learning experience for all of us: we mastered remote working, online meetings, and virtual parties. For the finance and payments industry, it has opened the opportunity to move towards cashless, cleaner payments. Contactless payments turned out to be easily adopted even by older generations, reaching an all-time high level of adoption. While the global Covid-19 pandemic is still ongoing, businesses predict that the trend will continue even after we return to “normal” life. Let’s see what trends will it bring into FinTech in 2021.

1.Online payment platforms on the rise

With brick-and-mortar stores being closed, people elevated the online retail spending…


We talked about White Label services and their benefits for financial businesses, or for businesses that would like to expand their product line with FinTech products.

White Label platform provides products or services that can be sold under another company’s brand. Therefore, the product or service will appear to your customers as your own, while, in fact, it is provided by a White Label platform behind the scenes. It allows companies to focus on their business growth while the platform provides a full technological solution.

Crassula, a White Label FinTech platform, offers two products for its customers: Core Banking and Merchant Payments. The features and benefits of Crassula Core Banking platform were discussed in our previous blog post. …


Crassula and Salv logos

Crassula has partnered with Salv to provide transaction monitoring and financial crime prevention solutions. With the integration of Salv’s high-end analytical tools, Crassula Core Banking clients will be able to mitigate money laundering, terrorism financing, and sanctions breaches.

Salv, the Estonian RegTech startup founded by some of the best analytical and technological forces behind Skype and Transferwise, has created a dynamic cutting-edge AML solution that helps to oversee highlight and manage financial crime. Today, Salv solution partners with Crassula, a Latvian-Estonian platform that helps businesses to build Core Banking products. Crassula will integrate Salv’s Customer Risk Scoring Tool, Sanctions, PEP & Adverse Media Screening Tool, and Transaction Monitoring Tool into its Core Banking platform.

Partnering with Salv expands Crassul’s AML/KYC capabilities, and enables its customers to define the risk level of current customers at an early stage, screen…


What if we tell you that you do not need to be an expert in every aspect of your business to run it successfully? You should focus on what you do best, and do everything to become the best in that. In order for you to be able to do that, there are white label solutions that will fill in the gaps in your business.

What is a White Label solution?

White Label solution is a platform that provides products or services that can be sold under another company’s brand. Therefore, the product or service will appear to your customers as your own, while, in fact, it is provided by a White Label platform behind the scenes.

What are the benefits of White Label solutions?

Cost-effectiveness. While addressing another company for service development may sound like an expensive privilege, it is in fact much cheaper than developing the solution on your own. White Label platforms reduce your long-term labor and resource expenses. …


The evolution of a relationship between technology and financial institutions has changed people’s approach to how they handle money. New tech startups are now offering services that before were only served by banks and other financial institutions.

Such companies are called by the term FinTech. FinTech, or financial technology, is the use of technology applied in the financial sector, e.g. payments, investments, lending, insurance, and essentially any service or product a financial sector covers.

How does FinTech work?

In essence, FinTech solves the failures of traditional financial services and gives customers access to those anywhere, anytime. Digital-first or digital-only approach is the main difference between FinTech and traditional banking or financial business. Some of the most popular and in-demand FinTech solutions are payment services, deposits and lending, insurance, investment management, and capital raising platforms.

Why is 2020/21 the best time to invest in FinTech?

The global pandemic Covid-19 has accelerated the…


Developments in technology and FinTech industry have been often challenging traditional banks in the past years. The digitalization of financial services led to the appearance of online banking. However, even more recent developments of blockchain technology and steady adoption of cryptocurrency have now created solutions for emerging demands: crypto banks.

What is a crypto bank?

By the money-related activities that crypto banks engage in, they are just like the classic banks we are all familiar with. That is deposits and withdrawals, savings, lending and borrowing, and investing in various instruments and markets. However, unlike traditional banks, crypto banks have integrated cryptocurrency into these operations.

Due…

Crassula

Crassula is a software platform that helps businesses and financial institutions to build their own payment systems, wallets, online, mobile banking and more.

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