Starling Bank expands payment services and Banking-as-a-Service offer
According to its blog post, mobile-only Starling Bank is expanding its Banking-as-a-Service and Payment Services offering, enabling other organizations to offer retail banking and make payments.
Access to Starling’s proprietary, cloud-based Banking-as-a-Service technology via Starling’s APIs will allow companies to launch their own bank accounts and provide customers with payment services such as debit cards.
By opening up its APIs in this way, Starling allows different businesses to develop and scale new financial products easily\without the need for long development lead-times and complex legal arrangements.
Depending on a client’s individual needs, they can pick and choose components, or product features, from the challenger bank and as they are using Starling’s banking license, they do not need to become a regulated entity. Clients also have access to all the major payment schemes in the UK and Europe.
In Payment Services, using Starling’s APIs, customers can quickly integrate into the UK and European payment schemes to access Faster Payments, direct access to Bacs and SEPA, the Single Euro Payment Area.