Monneo’s BaaS partners and clients will be able to take advantage of the full spectrum of payments and transaction services, as well as benefiting from its entire digital banking infrastructure set out within Monneo’s international banking network, without integration or set up.
Fintechs and online businesses that would like to offer banking services to customers via Open Banking platforms or payment service providers, can now partner with Monneo and access its payment and banking network. The new API will allow almost instant access to all Monneo’s services in a secure and regulated platform.
Monneo offers a banking solution by providing access to multiple banks, IBANS, and payment methods, all within one financial system.
BaaS is an end-to-end model that allows digital banks and other third parties to connect with banks’ systems directly via APIs so they can build banking offerings on top of the providers’ regulated infrastructure.
The BaaS model begins with a fintech, digital bank, or other third-party provider (TPP) paying a fee to access the BaaS platform. The financial institution opens its APIs to the TPP, thereby granting access to the systems and information necessary to build new banking products or offer white label banking services.
Legacy institutions that launch their own BaaS platforms are also opening new revenue streams. The two main monetisation strategies for BaaS include charging clients a monthly fee for access to the BaaS platform or charging a la carte for each service used.
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