By Gloria Mathias
Today
- BaaS
- Banking Solutions
- Banking technology
BaaS stands for “Banking as a Service.” It’s a model where third-party providers offer banking services to customers through APIs. Essentially, it allows non-bank entities like FinTech companies or businesses to integrate banking services into their platforms or applications without needing to become licensed banks themselves. This model enables businesses to offer services like account creation, payment processing, lending, and more, leveraging the infrastructure, licences, and capabilities of traditional banks or banking platforms.
BaaS has gained popularity for its ability to accelerate innovation, reduce costs, and enhance accessibility to financial services.
In India, Banking as a Service (BaaS) is changing how people access banking services. It’s a collaboration between traditional banks and tech companies, using technology to offer banking features in apps and websites that aren’t banks. This means businesses can add things like payments and loans to their services without having to build a bank from scratch. BaaS is growing fast in India because more people are using digital banking. It’s making banking easier and more accessible, and it’s likely to keep growing.
Listed below are 5 FinTech platforms offering BaaS solutions in India:
Falcon is a software company that provides financial infrastructure solutions for banks, non-banking financial companies (NBFCs), and tech companies in India. Falcon offers banking-as-a-service (BaaS). Its BaaS offering allows for a more personalised, cost-effective, and flexible approach to banking, as opposed to traditional banking’s one-size-fits-all model.
Finezza is a FinTech solutions provider that helps banks and non-banking financial institutions (NBFCs) manage their loan accounts. Finezza offers solutions for Banking as a Service (BaaS). BaaS can help businesses provide lending services to consumers, such as airline companies offering one-click financing. Finezza’s solutions can help enterprises tap the potential of BaaS and embeds to boost customer experience and growth.
iServeU is an embedded banking infrastructure provider that is revolutionising how businesses access and utilise financial services in India. Its full-stack payment, banking, and other financial services are designed to empower other enterprises to offer embedded banking services to their customers, creating a seamless and cost-effective banking experience. By providing these services, iServeU is making it easier and more cost-effective for businesses to offer banking services.
FidyPay is a FinTech company that offers an API banking platform for businesses to perform banking transactions. FidyPay’s Banking as a Service platform is backed by highly experienced professionals and technological advancements. It utilises secure methodologies to connect finance, commerce, and technology. The platform ensures a stable and reliable service experience for end-consumers.
PureSoftware is a global company that helps businesses integrate digital technologies with their existing systems. PureSoftware helps businesses embrace digital solutions in areas such as Mobile banking, Microfinance, Insurance, Payments, and Agency/branchless banking. It offers a Banking-as-a-Service platform called Arttha which is an omnichannel solution that includes virtual banking, mobile wallets, digital customer on-boarding, and agent banking. It also features built-in integration adaptors and open APIs.
ALSO READ: Global Digital Banking Vendor & Landscape Report Q4 2023
