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5 Banking-as-a-Service providers accelerating digitisation in Europe

By Gloria Methri

June 26, 2023

  • Bankable
  • Banking-as-a-Service (BaaS)
  • Clearbank
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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, BaaS 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 banking-as-a-service 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 banking solutions that offer ease and efficiency while lowering costs for banks and other service providers.

Let’s look at five pioneering BaaS providers accelerating digitisation in Europe

Bankable is a modular platform that enables financial institutions, corporates, and FinTechs to develop and deploy bespoke or turnkey banking solutions. Its platform is available in white-label or via APIs – and offers real-time payments as well as cross-border payments and virtual account services, e-ledgers, virtual and plastic card programs, e-wallets. Bankable’s interoperable proprietary platform is PCI-DSS certified (Payment Card Industry – Data Security Standards) and hosted in Tier-4 data centers with a high level of security certification.

ClearBank enables financial institutions, FinTechs, crypto platforms, and credit unions with an API to offer its customers a fully regulated banking infrastructure and real-time clearing access. Through its banking licence and innovative financial technology, ClearBank empowers its clients to offer secure accounts, clear payments in real-time, and enhance their banking propositions for their customers.

Railsr is an embedded finance experiences platform that uses finance as a strategic engagement tool to deepen customer relationships, create relevance and generate revenue. The Railsr platform provides financial products and solutions, including banking and wallets, cards, credit, and rewards. The company’s APIs make it easy for developers to integrate banking and card functionality into their products and services.

Solaris is one of Europe’s leading embedded finance platforms that enables businesses to easily offer innovative financial services to their customers. Its proprietary Banking-as-a-Service platform enables any business to embed financial solutions and launch customized banking features in new contexts. As a tech company with a full German banking license, including a Digital Assets Custody license, Solaris handles the regulatory and technological complexities of banking for its partners.

Treezor, the European Banking-as-a-Service leader, is an independent provider of outsourcing and white-label solutions for electronic payments. Founded in Paris, Treezor owns a European License and is one of the approved suppliers for MasterCard Prepaid. As an e-money issuer and payment institution, Treezor is a white-label solution dedicated to prepaid cards, e-wallets, marketplaces, crowdfunding, and collaborative consumption platforms. With over 50 million transactions processed every year, the company is an expert in payments and risk management.

ALSO READ: Global Digital Banking Vendor & Landscape Report Q1 2023

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