Equals Money, a leading payments provider for company expenses, has unveiled a pioneering Banking-as-a-Service (BaaS) product designed to help businesses offer their own digital payment and card services. This new offering allows firms to leverage Equals Money’s robust infrastructure to roll out financial products without the need to secure regulatory licenses.
By utilizing Equals Money’s API and product suite, clients can power custom-branded cards, global payments, and multi-currency accounts, unlocking new revenue streams. Early adopters of this innovative solution include CASHét, a US film services payments provider, and Chorus, a global treasury management solution for the music and entertainment sector.
James Simcox, Chief Product Officer and MD, International at Equals, explains, “This move essentially means businesses can become a banking provider with just a few lines of code—thanks to the infrastructure already put in place by Equals Money.”
In a parallel development, open banking and instant payments firm Zūm Rails has recruited Miro Pavletic from Credit Sesame to spearhead its own BaaS initiative. Zūm Rails’ AI-powered platform will enable businesses to harness open banking to offer bank-like services directly to their customers.
Pavletic notes, “There is an immense market opportunity for non-banks to harness BaaS and accelerate their speed to market. Two major roadblocks currently standing in the way of implementation are regulators pushing back the goal post on open banking and the need for multiple vendors and resources. Our work will remove these roadblocks so that our clients can better personalize their experiences, deepen customer relationships, and accelerate their time to revenue.”
Both Equals Money and Zūm Rails are positioning themselves at the forefront of the BaaS revolution, offering businesses unprecedented opportunities to enhance their financial service offerings and engage customers in new, innovative ways.
