The subscription allows it to manage the merchants, affiliates, customers, acquirers, and prepaid issuing all from backend solution.
The BaaS platform is modular, cloud-based, and completely integrated with different financial services providers. Users of BaaS will have access to everything they require to supply services like Onboarding Rules Engine and core money management technology.
The ‘Lite Label’ BaaS is a fully branded solution that offers automated onboarding for its clients. It offers the Onboarding Rules Engine to analyse any corporate application submitted to the platform.
FintechCashier’ s system allows the company to manage onboarding process automatically and assign the best service provider to each potential client.
FintechCashier's next push is to expand BaaS globally, further improving their turnkey solution by offering a multicurrency IBAN supporting 27 currencies and several payment networks such as SEPA, SWIFT, CHAPS, BACS, and Faster Payments. In addition, they are expanding their banking partners to provide a wide range of IBANs issued in the UK, Luxembourg, US, and Switzerland.
The expansion of the BaaS model across the entire financial services industry is facilitating value creation as well as value exchange between both financial and non-financial entities, with the consumer being the primary beneficiary. BaaS platforms are democratizing the offering and delivery of products and services, accelerating the innovation process, allowing for faster iterations as consumer behaviour changes.
The World Retail Banking Report found that two-thirds of financial institutions are currently using a BaaS platform, with 25% stating that a BaaS platform is in the planning or development stage. This has increased the number of incumbent financial institutions that are collaborating with fintech, big tech, and other non-banking entities to increase scale, expand distribution options, create new products/services, reduce costs, diversify revenue streams and gather greater consumer insights.
The aim of a BaaS model is to increase engagement by the customer beyond checking daily balances. Loyalty and overall customer value can be enhanced as financial institutions move more toward ‘embedded finance’ that is part of a consumer’s everyday life.
Earlier in 2022, FintechCashier announces its investment of GBP 10 million into the Middle East and North Africa (MENA) region. With its partner, Romin Holdings WWL, the UK-based innovative fintech is creating a financial gateway centre based in Bahrain expanding its services to the digital payment solution merchants in this part of the world.
This enables FintechCashier to provide regulated investment services to clients, including dealing in financial instruments as principal; dealing in financial instruments as agent; arranging deals in financial instruments; managing financial instruments; safeguarding financial instruments; advising on financial instruments; arranging credit and advising on credit; and operating a collective investment undertaking. They are seeking the highest permission from the regulators in Bahrain as well as partnering with SWIFT.
According to a recent report by the World Bank on the digital economy in the MENA region, ‘fully digitalising the economy could lead to a rise in GDP per capita of at least 46% over 30 years’.
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