Banking as a Service: Explanation and Examples

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

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