Following this announcement, the integration will expand on FIBT’s existing partnership with the German-based fintech company, which already included serving as the holder of Raisin customers’ cash accounts.
In addition, with the conversion of service bank responsibilities to FIBT, Raisin will have the possibility to access a variety of cloud-based microservices to process fund transfers between external accounts and the multiple banks and credit unions on the Raisin marketplace, as well as perform critical risk management and compliance functions. Both institutions will continue to focus on meeting the needs, preferences, and demands of clients and users in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the industry as well.
According to the official press release, by removing unnecessary middleware and nonbank providers used by many to connect banks and fintechs, Kotapay’s vertical integration is set to simplify the BaaS model and accelerate speed-to-market processes for fintechs and Embedded Finance providers.
Furthermore, this approach will emphasise direct relationships between fintech firms and banks, aiming to deliver fintech solutions that are built on a trusted foundation with faster time to market, proven scalability, and increased revenue potential.
Included in the key advantages of the Kavivu platform are direct bank integration (provides financial innovators with a direct connection to an experienced banking partner), bank-grade security (uses FIBT's robust compliance infrastructure, extensive risk management systems, and deep regulatory prowess), accelerated speed to market processes (which enable faster implementation compared to other models, allowing partners to launch new products and services faster and secure), as well as proven scalability and versatile architecture (including Cloud-native, API-driven technology layer adaptable to several business models beyond typical BaaS use cases).
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