Yobota partners with Chetwood Financial to enter the BaaS market
By Joy Dumasia
Yobota has announced its move into the Banking-as-a-Service (BaaS) market through a new partnership with Chetwood Financial. BaaS describes a business model in which licensed banks grant companies access to their modular banking services, generally via application programming interfaces (APIs). This allows businesses to develop their ﬁnancial oﬀerings, such as lending and payment services, on top of the BaaS provider’s regulated infrastructure.
London-based Yobota has partnered with Chetwood to intermediate a version of the bank’s new BaaS oﬀering. The technology vendor provides the core banking system (CBS) that enables businesses to embed lending and deposit products into their proposition, thereby oﬀer fully compliant ﬁnancial services to end customers under Chetwood’s banking licence.
Yobota oﬀers pre-packaged, regulatory compliant products and processes built on top of its cloud-native CBS and quant engine. It also provides an extensive suite of APIs required for integrated banking services. By removing the operational concerns involved and managing the user experience, Yobota’s innovative BaaS oﬀering reduces time to market for those without a banking license and infrastructure. Its ﬂexible architecture allows businesses to conﬁgure bespoke, intelligent, and scalable ﬁnancial products.
Ammar Akhtar, CEO of Yobota, said: “This move marks a signiﬁcant milestone in Yobota’s relatively short history, and we’re proud to have partnered with Chetwood at this critical stage in our journey. We entered the BaaS space knowing we had something unique to oﬀer. By combining our innovative core banking platform and the proven foundation of our bank partners, businesses can quickly and eﬃciently build customised, secure and scalable ﬁnancial products. A cloud-based, modular, and API-driven approach to architecture is fundamental to delivering BaaS, and at Yobota, we have kept these requirements sacred in the creation of our platform. Our team of developers can oversee the technical challenges involved in bringing new oﬀerings to life, while our ﬁnancial expertise means our platform meets strict compliance and ongoing regulatory requirements.”
IBS Intelligence recently reported that Chetwood Financial (“Chetwood”) announced the appointment of Adrian Gurnell as Chief Information Officer.
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October 21, 2021
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