Banking-as-a-Service gives companies access to banking toolkits, so they can integrate regulated banking products into existing consumer apps.
Banking-as-a-Service (BaaS) is the process of digitally connecting fintech companies to banks via APIs. This connection allows companies to build consumer banking products on top of banks’ regulated infrastructure.
In other words, companies can integrate FDIC-insured checking accounts, direct deposits, savings accounts, ACH payments, and much more directly into consumer apps — with little to no regulatory risk for the fintech company.
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