This addition aims to enhance the company's offerings by providing more comprehensive financial solutions to a variety of industries. The new BaaS product will allow Equals Money customers to offer payment and card services to their own clients without needing to go through the lengthy process of acquiring regulatory licenses.
Instead, they can leverage Equals Money's existing infrastructure. This will enable customers to generate new revenue streams and expedite their market entry by utilizing the Equals Money API, along with Cards-as-a-Service (CaaS) and Payments-as-a-Service (PaaS) products. These products will support custom-branded cards, global payments, and multi-currency accounts, while maintaining all the existing benefits of a standard Equals Money payment account.
The introduction of BaaS represents a notable advancement for Equals Money, providing businesses with the capability to integrate innovative financial solutions into their operations seamlessly. There has already been market interest in this service, with two initial customers: CASHét, a US-based film services payments provider, and Chorus TM, a global treasury management solution for the music and entertainment sector.
CASHét has chosen Equals Money as a partner following a thorough due diligence process. They plan to replicate their success in the US and Canada in the UK and Continental Europe, utilizing Equals Money's technology to support their business growth. Chorus TM, which offers FX, payments, hedging, and card expense management for the entertainment industry, also benefits from the partnership with Equals Money by integrating their technology and expertise.
The commitment to expanding this product line will be supported by the recruitment of specialist senior executives, expected later this year.
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