First Fidelity Bank (FFB), a 100-year-old community bank headquartered in Oklahoma City, announced the launch of a next-generation Banking as a Service (BaaS) product.
Source: Pixabay.com
This product was developed jointly with Episode Six (E6), the world’s leading provider of payment and banking infrastructure. E6 provides a simple and flexible platform that meets the critical needs of any company seeking to provide next-generation payment services.
The BaaS solution is already available for Unifimoney, a digital asset management platform that allows banks and credit unions to offer investment services to customers through online banking.
Currently, against the background of a high level of demand for a new generation product, about 100 sponsor banks are offering BaaS-type solutions and a large number of intermediary platforms that are located between a financial institution and client companies.
The market has struggled with undifferentiated offerings, poor payment infrastructure, and often outdated compliance approaches, especially regarding blockchain and cryptocurrencies.
The FFB and E6 solution was designed to support the next generation of embedded financial systems with an inexpensive and fast-to-deploy architecture. The product supports real-time payments, including RTP and OCT.
Also, the FFB and E6 solution provides the issuance and processing of cards and includes controls.
John Symcox, Chief Innovation Officer of FFB, says that open banking is an opportunity for financial institutions, not a threat to their activities. He also holds the opinion that the future of money lies in combining banking with a range of other services available in the financial market. The new solution, according to John Symcox, allows us to offer customers high-speed service at a minimal cost.
As we have reported earlier, European SMEs Believe BaaS will Overtake Traditional Banking.
