By leveraging this new product, banks can gain the ability to offer BaaS solutions to their partners and customers and improve the way they deliver digital financial services. Backed by Mastercard, Verestro aims to deliver a versatile solution that can easily integrate with existing banking systems. Banks will be able to access the platform via APIs (Application Programming Interfaces) or SDKs (Software Development Kits).
In the company press release, Verestro representatives talked about this product launch and highlighted its potential to streamline banking operations while supporting collaboration between banks and non-bank entities.
Depending on the specific requirements of financial institutions, they can opt to host Verestro's BaaS platform locally or access it via a Software-as-a-Service (SaaS) model. The product was designed to help banks that are looking to increase their market presence, expand their services, and improve user experience.
The Verestro Bank-as-a-Service platform is live at the time of writing, and it supports an immediate implementation process. According to Verestro, the implementation process has a timeline of 6 to 8 months.
The embedded product suite incorporates a diverse range of digital products that allow banks to offer their customers a range of services such as loyalty programmes, card issuing, and payouts to cards. In addition, banks can leverage Verestro's BaaS solutions as a white-label application. This way, they can bundle their banking expertise, regulatory compliance, and technological infrastructure into a fully branded offering for non-bank entities.
The platform went through rigorous security and functional testing before launch in order to make sure that it’s fullly capable of securing customers’ data and transaction data. Banks that wish to try out the platform’s capabilities before going live can access Verestro’s Developer Zone and Sandbox.
Verestro is a provider of innovative financial technology solutions designed to empower banks, fintechs, money transfer organisations, insurance, crypto companies, micro-lending and other types of businesses to drive growth in fintech, improve their efficiency, and enhance customer satisfaction. The company focuses on cutting-edge financial technologies and high security standards, and it aims to change the financial services industry for the better through its products and services.
In 2022, Verestro was one of 16 technology partners that joined the Mastercard Send Partner programme. At the time, company officials cited by businesswire.com highlighted the importance of Mastercard Send for Verestro’s card-to-card money transfer solutions.
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