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4 Banking Software providers accelerating digitisation in Europe

By Gloria Methri

February 20, 2024

  • API Banking
  • Bankments
  • Bud

Banking-as-a-Service, BaaS, FinTech, Europe, Finastra, Temenos, Sopra Banking Software, Objectway, Railsr, UKBanking-as-a-Service (BaaS) describes a strategy in which FinTech companies partner with traditional banks to provide digital banking services in one integrated platform using API. By integrating banking services into existing applications, software providers help companies increase efficiency in their operations. BaaS also makes it easier for FinTech startups to launch their products and services faster.

The United Kingdom is the largest market for BaaS platforms due to its strong presence which accounts for approximately 25% of Europe’s market share.

The changing landscape of the banking and financial services business has encouraged end-users to adopt innovative digital solutions that offer ease and efficiency while lowering costs for banks and other service providers.

Let’s look at four innovative banking software providers accelerating digitisation in Europe.

Bud Financial is a UK-based open banking firm that uses machine learning (ML) and data intelligence to help banks and customers make better financial decisions.

Bud Financial was founded in 2015 as an education platform to help people manage their money and improve their financial well-being. It now uses data from multiple banks via its proprietary aggregation technology. Bud Financial also uses AI with DataStax and Google Cloud to help banks and their customers make more informed decisions.

Intergiro is a Swedish BaaS platform that offers multi-currency accounts, card issuing, and card acquiring across Europe. Intergiro also provides business banking APIs. Its BaaS systems can help businesses create a more convenient experience for customers while sticking to their brand.

The platform also provides off-chain financial flow management services, such as creating Euro accounts and offering an enhanced payment experience.

OpenPayd is a global BaaS platform that offers a range of services, including multi-currency accounts, virtual iBANs, foreign exchange, international and domestic payments, card acquiring and open banking services.

OpenPayd’s BaaS platform uses a single API to deliver a modular architecture that can be used to build banking and payments services. BaaS services use API calls to send and receive messages between a business’s internal systems and the BaaS platform. This allows businesses to build more complex digital products, services, and data flows by integrating financial services.

Pannovate is a Banking Software Services provider and orchestration layer that helps financial and non-financial organizations offer digital experiences and embedded finance.

Its platform and orchestration layer can be used for wallet management, payment processing, and card issuing. Pannovate’s “Bankments” platform can help create a customizable user experience or API calls.

Pannovate’s platform has 150 APIs and a network of 47 vendors, including processors, KYC providers, and BIN sponsors.

ALSO READ: Global Digital Banking Vendor & Landscape Report Q4 2023

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