Equals Money, a corporate spending payments provider, has launched a banking-as-a-service product to help businesses offer their own digital payment and card services.
The BaaS offering allows companies to leverage Equal Money’s infrastructure to launch products without having to secure regulatory licenses.
The company says that by using its API and products, customers can provide custom cards, global payments and multi-currency accounts to their customers, unlocking new revenue streams.
CASHét, a US payment processor for film services, and Chorus, a global treasury management solution for the music and entertainment sector, have signed up as the first customers.
James Simcox, Chief Product Officer and MD, International at Equals, said: “This move essentially means businesses can become a banking provider with just a few lines of code – thanks to the infrastructure Equals Money has already put in place.”
Separately, open banking and instant payments company Zūm Rails has hired Miro Pavletic from Credit Sesame for its own BaaS play.
The AI-powered BaaS platform will enable companies to use open banking to offer banking-like services directly to their customers.
Pavletic says: “There is a huge market opportunity for non-banks to leverage BaaS and accelerate their time to market. Two major obstacles currently standing in the way of implementation are the shift in open banking targets by regulators and the need for multiple providers and resources.
“Our work will remove these barriers so our customers can better personalize their experiences, deepen customer relationships and shorten their time to sales.”