Reviews of Banks & Financial Institutions

With so many financial institutions to choose from, it can be hard to know who to trust. Money-Gate ever-growing list of bank reviews is updated regularly

Valyuz is a leading electronic money institution registered and regulated in Lithuania and in Europe....

Overall rating

Intergiro products and services: International business made easy thanks to 8 multi currency accounts with...

Overall rating

Contact sales for account opening Wallester is a fundamentally new approach to business expense management...

Overall rating

Barclays plc is a British multinational universal bank, headquartered in London, England. Barclays operates as...

Overall rating

Read Interview with Mantas Staliūnas, CEO   Verifo is a modern payment platform for your contemporary...

Overall rating

A fully mobile banking experience, tailored to your needs We're a fully fledged bank, meaning...

Overall rating

Everything you need for effortless spend management - Prepaid company cards, Simplified reporting, mobile app,...

Overall rating

Digital banking innovation ideas - The technology company Stripe creates software for businesses to facilitate online...

Overall rating

  Free IBAN accounts in 10+ currencies, Free Visa Card accepted worldwide, 24/7 Access on...

Overall rating

Videos on the latest news, reviews and tips

Watch all Videos

How to start a White Label Online Casino

07.12.20

How to obtain online Curacao egaming license - Online Casino License?

05.01.21

Payment Optimization & Payment Processing Consultants

07.01.21

introduction to E Money and virtual bank accounts

07.01.21

Best Questions & Answers about International Wire Transfers

08.01.21

SWIFT And BIC Checker PART 2

01.02.21

What are the best ways to transfer money internationally? Watch this video to know?

07.02.21

Open startup bank account in Europe- How, Why and When?

07.02.21

5 latest trends in banking technology & innovation

07.02.21

What is blockchain technology explained?

07.02.21

5 Features Of The Best Business Bank Account

07.02.21

Why Prepaid Debit Cards are the Best for your Business

07.02.21

Videos on the latest news, reviews and tips

61

Where can you operate with a Curacao Gaming License?

The GBO team will be happy to assist you to obtain Curacao gaming license for your needs  throughout our wide network of banks, payment processors and gaming regulators.

GBO is a leading Curacao gaming service provider attending in conferences world-wide

 

Basically a gaming license only gives you permission to operate in the country where the license was issued. This is logical as one country can’t dictate to another country which licenses to recognize. However, there are online gaming jurisdictions (licensing jurisdictions) which have legislation allowing them to issue licenses to online gambling companies; regulate these companies and supply them with industry services and software. In each of these jurisdictions there is a licensing authority responsible for licensing and regulating online companies. Curacao Gaming license is one such licensing jurisdiction.

Why you should obtain the Curacao gambling license from us

  • Hundreds of licenses already obtained for our customers
  • Just 2-3 weeks for the complete licensing process.
  • Curacao gaming licenses are low-cost, smooth and simple process.
  • We assist you with opening bank accounts & PSPs
  • You need just one license for all gaming activities

Speak with our experts about your Curacao Gaming License,

WhatsApp / Telegram us: +972504938469, email us: [email protected]

    Curacao Online Gambling License

    As a licensing jurisdiction, Curacao can issue online gambling licenses. Curacao issues a Master License and the Master License holder can then issue sublicenses. The only significant difference is that a sublicense-holder cannot issue sublicenses. In Curacao one gambling license covers all forms of online gaming so you don’t need to apply for multiple licenses for each game you offer online – wagering, chance, skill etc. This one Curacao license also covers online gaming service providers including software providers, affiliates, platform operators etc.

     

    What countries can you operate in with a Curacao Gaming License?

    With a Curacao online gambling license, you can accept players from all countries so long as they are not specifically prohibited by your sublicense agreement. Forbidden countries include players from Curacao itself as well as Belize, UK, USA and a few EU countries like Germany and the Netherlands.

     

    Is it worth getting a gaming license from Curacao?

    Yes, no matter which jurisdiction you are licensed in you will have restrictions. However, with Curacao you have the advantage of favorable taxes, comfortable legislation and a straightforward application process while still benefiting from the respect of being a license-holding gaming website. All respected and successful online gaming sites must be licensed in order to operate legally. Most licensing jurisdictions require the company to base part of their operation in the licensing countries. Curacao is a good choice when you consider the low-cost, regulatory practices, taxes and legislation.

    Who regulates Curaçao gaming companies?

    In 2018, the government of Curaçao allocated to the Curaçao Gaming Control Board (GCB) the regulation of the online gaming sector. The GCB is now the AML/CFT supervisor for all gaming sectors including online gambling.

    Within that body is the Curacao Internet Gaming Association (CIGA), a section responsible for issuing e-gaming licenses.

     

    Is it legal to operate a Curaçao gaming company without a license?

    The Curaçao government issues a single license for any type of gambling service. Operating from within Curaçao without a valid license is illegal. The government there works in partnership with the Central Bank of Curaçao and Sint Maarten (CBCS) and is a member of the International Association of Gaming Regulators (IAGR).

     

    From which countries can players gamble on a Curacao online gaming casino?

    It is important to recognize that players are wary of unlicensed casinos, or of ones that are operating out of countries that do not enforce the security standards accepted by others. This is what makes Curacao such a desirable location for your casino operation. It has one of the best reputations in the world and your license is your gateway to the gambling market.

     

    The Curacao Gaming Board has set the terms of how license holders can operate. The only specific restrictions that are placed on license holders are that it cannot accept wagers from players located in the following jurisdictions:

     

    • The US
    • France
    • Australia
    • The Kingdom of the Netherlands
    • Curacao
    • Dutch West Indies

    These are the only countries that casinos with a Curacao Gaming License are explicitly forbidden to permit players to wager. However, there is no oversight by the board. It requires online casinos to use the standard KYC AML and CFT that apply to all the other registered online casinos worldwide.

     

    It is not the responsibility of the Curacao license holder to detect that players are registering themselves from blocked countries and accessing the website illegally.

     

    Other countries or jurisdictions may have legislated restrictions on gaming. These restrictions are not applicable only to Curacao, but apply to casinos all over the world.Some other countries have blocked or restricted online gambling. These fall into a few broad categories:

     

    Banned

    Gaming is totally banned in North Korea, Singapore, Qatar, Cyprus, Brunei, UAE, Cambodia, Japan and some other Middle-East kingdoms. This is not a specific restriction on Curacao casinos, but involves gambling on any online website based in any country.

     

    Restricted

    Many countries restrict online gambling to either their own state-owned monopolies (example, Poland, Ethiopia) or to casinos that are licensed by that country’s gaming authority (such as Austria, Belgium, Georgia, Bulgaria, Croatia, Sri Lanka, Denmark, Estonia, Finland, France, Germany, Italy, Netherlands, Romania, Spain and the UK.) This is so that the country can collect the appropriate gaming levies on wagers and corporate taxes on the companies holding the licenses.

     

    Limited

    Several countries forbid gambling on websites that are run by casino operators based inside that country, but the citizens are allowed to gamble on casinos in other countries, such as Curacao. Examples of these include Canada. most of the EU members, and Switzerland.

     

    Open

    In most of the remainder of the world’s jurisdictions, its citizens can access and gamble on a foreign casino without restrictions. In most of them, the government has simply not set up any controls that either define or restrict online gaming. Most of sub-Saharan Africa as well as India are unregulated in terms of what kind of online gambling is permitted.

    Core banking system providers

    Gartner defines a core banking system as a back-end system that processes daily banking transactions and posts updates to accounts and other financial records.

     

     

    Banking as a Service working in the digital economy are a central distinguishing feature separating the banks that are leading in the transition over to modern services from the rest of the more traditional banks.

    Internet banks are serving customers at around one third of the cost-per-transaction of traditional banks and so are winning a much larger share of the market. Being able to launch software for banks’ core banking activities quickly is a critical competitive advantage for the types of core banking systems in the current marketplace because customers increasingly expect personalized service and want it in real-time.

    Competition in the banking industry is intensifying. Fintech are working best by targeting weaknesses in the portfolio of services provided by the conventional banks. As a result, even though having been in operation for only a few years, some of the big fintech entities have already accumulated large customer bases, and pose a real threat to the balance of the sector.
    The fintechs are growing their businesses and attracting customers with the help of modern core banking solutions, which enables them to innovate faster and operate more efficiently.

     

    Cost and speed of application development for core banking system architecture providers is probably more important than anything else. For conventional banking systems banks may be spending as much as two-thirds of their system upgrade budgets on catch-up alone. Dealing with older legacy systems associated with manual deployment and traditional manual operational processes combine to keep costs high.

    For the banks, there is some light at the end of the tunnel. A new generation of cloud-native core banking platforms is emerging, such as Mambu, 10X, Thought Machine, and FinXact, as well as products from the traditional core platform vendors.

     

    These promise to help banks radically modernize and accelerate the benefits through higher developer productivity and removal of technical hurdles. They can achieve further efficiencies by leveraging cloud-based services, which enable them to deploy new products and scale infrastructure quickly, and use development tools that support automation.

    • Modern platforms support integrated data sets and single sources of information, which in turn create the ability, in real-time, to offer personalized experiences to the customers in the user interface, at the same time as running advanced artificial intelligence analytics for more accurate decision-making.
    • Conventional banks are following this course of action because they urgently need to replace their core platforms due to obsolescence and because of changed regulatory standards. One strategy being adopted by some banks is to retain their legacy platforms but progressively minimizing their importance, while developing or acquiring replacement systems that will eventually take over full functionality.

     

    This is seen as a safer and less expensive option rather than investing heavily in upgrading the legacy systems.
    Spending on core banking systems over the current year or two is going to be substantial. Most banks have earmarked substantial budgets of the order of $10 million or more for 2022, with around a fifth planning to invest as much as $40 million,as reported in a survey.

     

    Core Banking Software providers

    Banking software is the engine that powers the creation and management of customers’ accounts and transactions. In the digital banking environment, storing client’s data and all associated transactions, and the reporting tools necessary to allow decoupled distribution across multiple channels must provide a smooth digital customer experience.

    Payment processing, digital credit/debit cards and KYC services must be integrated into the core banking software. The best banking core software providers work with fully-integrated BaaS products with all of the required key features to help assemble best-in-class services and launch them much faster and with far lower costs.

    The following is a concise list of the top core banking vendors outside of the US, based on our investigation into their market share, product depth, reputation, service and experience.

    You should use this list as a guide, and we recommend you talk to our team of specialists here at Money-Gate before making any choice.

    One of the specific features in the list of top core banking vendors that we used in making this selection of the best online banking platform providers is for the provision of cloud-based core banking systems that are fully integrated with the vendor’s other systems. The future of digital banking is totally tied to cloud based core banking solutions, and any banking service provider that leaves out cloud based core banking systems will have to play catch-up later, at higher cost and with weakened market penetration.

    Who Should Have Access to a Company Bank Account

    Establishing effective business processes and controls over access to your bank accounts will help to ensure the smooth flow of financial activity, improve security, and generally improve your relationship with your banking service providers.

     

    What is access?

    The term ‘access’ needs some explanation. With the shift to internet-based banking activity, access to your company’s banking functions happens at two different levels. Firstly, access to the company’s banking accounts via the internet, by signing-on through some digital portal with current credentials. Secondly, the more formal dealing with the bank to open, close, manage or modify your company’s bank accounts. This requires action by people who are registered with the bank as personally capable of issuing instructions. Generally  they are known as “authorized signatories”.

     

    Bank Account Management

    The overall process described here is Bank Account Management (BAM), dealing with the policies, procedures and actions you should follow. BAM will help you meet the challenges and risks associated with banking, and to establish effective business processes and controls around your bank account information.
    One of the most important features of BAM is the management of who should have access to your company’s bank accounts, since the security of your whole financial structure is built on establishing authority and trust.

    Permission for company employees and external service providers to access bank accounts should be granted at appropriate levels, which is determined by the function that they should be performing and the specific purpose of the account.

     

    Internet access

    The first type of access should be controlled by management, who set up the credentials for online access. This can be done on a personal basis, where individual people are allocated login credentials, or on a functional basis, where generic credentials are set up and then allocated to the people who will be authorized to perform some banking function. For example, you can either register the manager of the purchasing department by name, and give her access to the purchasing accounts, or you can set up a generic account (like ‘purchasingmgr’) and then the manager logs on with these credentials.

     

    Authorized officers of the company

    For the other type of access, at the highest level is an ‘authorized signatory’, which is a person who’s been given the right to sign documents, checks, and instructions on behalf of the company. The process of signature authorization determines the general responsibilities for authorized signers to follow when reviewing, approving and processing company dealing with the bank.

     

    Best account structure to manage access

    Properly organized banking arrangements should start with setting up separate bank accounts, each of which must serve a different purpose. Keeping separate bank accounts offers greater flexibility and control, making it easier to achieve your financial goals. A typical recommended spread of different bank accounts would be a business checking account, department-specific accounts such as purchases, human resources, payroll, office management etc. Other special accounts may be related to savings, money market and merchant account and any others appropriate to your business. Access to these accounts should be allocated on a strictly functional basis, so that there can be less interference between the actions taken.

     

    How to remove a signer from a corporate bank account.

    Signatory authority is allocated on a person-by-person-by-account basis. Removing a signer from a corporate bank accounts requires instructions to the bank to perform this function, by a person who is themselves a signatory authority with the necessary level of power.

    Removing access for internet accounts involves revoking the sign-on credentials for the person. As part of the BAM function, all sign-on credentials should be stored in a central database, so that access can be removed instantaneously.

    Features of the best International Business Bank Account

    Features of International Business Bank Accounts

    Setting up a business bank account is an elementary part of establishing a business built for success. There are many regulations to bear in mind and you would have an advantage by drawing on the experience of our GBO experts.

     

    Choosing Where to Set Up a International Business Bank Account

    It is possible to open an international business bank account in a number of banks and financial institutions around the world including Europe. It is important to establish a strong connection with your bank and ensure that your bank understands your business and your financial needs. Not all banks are created equally; some banks offer excellent services but astronomical fees while others may offer low fees but not give you the full-service banking experience.

    You need to consider the fee structure; convenience; accessibility; personal attention; any special business account packages the bank may offer and if you will be able to negotiate your international business account package further down the line. An important point to remember is that not all banks will accept all types of business activity. For example some banks restrict accounts to brick-and-mortar establishments and others do not accept gaming businesses. Shop around before settling on the bank where you will set up your international business bank account – compare services and fees.

     

    Must-Have Features of an international Business Bank Account:

    1. Bank Cards – Business prepaid debit cards are a secure and convenient way to pay for services and goods and make withdrawals from ATMs in multiple currencies across the globe.
    2. Unique IBAN – Set up a business bank account where you are provided with dedicated IBANs under the name of your business and in multiple currencies.
    3. Currency Exchange – The best business bank accounts will allow for real-time currency exchange at competitive rates. An international business with customers and suppliers in several countries must have a business bank account where transactions can be made in several currencies.
    4. Mass Payments – Choose a virtual IBAN account where you have the option to easily make mass payments to employees, affiliates and suppliers. You should be able to make payments of any amount and in multiple currencies.
    5. Account Features – With an international business bank account you should be able to send/receive funds around the world in multiple currencies; make payments using your company’s dedicated IBANs; conduct currency conversions easily and manage your account remotely in a secure, fast and efficient manner.

     

    It is quite difficult today to international open business bank accounts in Europe to for companies in many fields including:

    1. E-commerce
    2. Affiliates
    3. Gaming
    4. Digital advertising
    5. Tourism
    6. Export/import
    7. Software
    8. Hi-Tech start-ups
    9. Online businesses

     

    How and where to order a company prepaid card online

    Many convenient stores nowadays sell prepaid debit cards. One option for purchasing a prepaid debit card, therefore, is to go into a brick-and-mortar store and purchase a card using a check. A second option is to purchase a prepaid card online – this is perhaps the more accommodating and easier method. Before choosing your desired card provider it is essential to compare the fees that are associated with various card providers thus making sure that your chosen debit card provider befits your financial needs and capabilities. Beware of fishing websites and unknown card-brands and choose more familiar brands and well-established providers. The online application process is very easy and no credit check is in order.

     

    In order to apply for a company prepaid card, you ought to open a corporate bank account online. Depending on the type and size of your business, this will necessitate some personal information (Social Security Number or Business Tax Identification Number, Business License specifying both business and owner’s name, Business name filing document, etc). Once your request is approved, a prepaid debit card will be sent to you within 7-10 business days.

    Ranking Of The Safest Banks In The World

    To say which country has best banking system depends on whether you are measuring freedom of operating, legislative control, supervision or accounting methods.

    Almost all banks in the European Union use the same methods so there is no real choice there. Banks in the USA are generally more closely monitored than in the rest of the world. China is a special case, since all of the banks there are largely state-owned and are very tightly controlled.

    Listing the countries with the safest banks depends on the cut-off level in the rankings, if all banks ranked at a minimum of Axx are counted, then Canada with 6 ranks ahead of the USA in North America. In South America, Chile with 5 banks outshines Mexico and Peru with one each.

     

    In Western Europe, Germany has the most safe banks with 4. Switzerland, Netherlands, Norway, Sweden and France each have one. In Central Europe, Poland has 3 banks and the Czech Republic one. Some of the largest banks in Asia Pacific are, Singapore and South Korea each have three banks, China has two, with Hong Kong and Taiwan having one each. In the Middle East, UAE has four banks, Kuwait has three and Israel and Qatar each have one. Australia has 9 banks and New Zealand has one. There are no banks in Africa rated above BB+.

     

    It is difficult to say which is the safest bank in the world, since all banks rated at AAA are generally regarded as being equally safe. In one respect, we can choose which banks are the most secure based on the size of the bank, in which case, KfW in Germany which has assets of more than $550 billion.

    There are several ways to rank which are the safest banks in the world:

    The three main reference services that produce regular and up-to-date rankings are Fitch, Moody’s and Standard & Poor. They user slightly different methodology to produce a standard three-letter ranking where AAA (or in Moody’s case, Aaa) is the highest possible ranking, followed by AA+, AA- (again, Moody’s uses slightly different rankings of Aa1, Aa2) and so on, down through Bxx, Cxx.

    To draw up the safest banks in the world list, using only banks ranked as AA or higher, then there are only seven banks and all of them are mid-level European banks, having assets in the $100 billion – $500 billion range.

    List of TOP safest banks in the world

    KfW, GERMANY
    Zuercher Kantonalbank, SWITZERLAND
    BNG Bank, NETHERLANDS
    Landwirtschaftliche Rentenbank, GERMANY
    Nederlandse Waterschapsbank, NETHERLANDS
    L-Bank, GERMANY
    Kommunalbanken, NORWAY
    NRW.BANK, GERMANY
    Swedish Export Credit Corporation, SWEDEN
    Caisse des Depots et Consignations, FRANCE
    Royal Bank of Canada, CANADA
    The Toronto-Dominion, Bank CANADA
    DZ BANK, GERMANY
    DBS Bank, SINGAPORE
    Oversea-Chinese Banking Corporation, SINGAPORE
    Svenska Handelsbanken, SWEDEN
    Banque et Caisse d’Epargne de l’Etat, LUXEMBOURG
    United Overseas Bank, SINGAPORE
    Korea Development Bank, SOUTH KOREA
    The Export-Import Bank of Korea, SOUTH KOREA

    Best online banks apps and financial institutions in Europe

    In this research we have summarized the best online banks in Europe, the list is below

    In Europe today most people use online banking, with statistics showing that 70% of European adults access their online bank account at least once a month. In some European countries, as many as 90% of adults use internet banking. In fact, the number of people using internet banking on a regular basis has doubled in the last 12 years. Europeans regularly use digital banking for checking their transaction history; transferring funds from one account to another; checking their balance and making payments. As online banks progressively offer more advanced services and financial products people are using internet banking to apply for loans; make investments and research their financial options.

     

    Different banks are geared towards different types of clients – some offer financial services suitable for private individuals while others are more focused on corporate accounts and business clients. You can discern the differences between banks by looking at their onboarding process; payment options, customer support services, and payment cards.

    We will assist you to open business bank account in europe

      Best Online Banks in Europe

      Valyuz

      Valyuz is a leading electronic money institution registered and regulated in Lithuania and in Europe. Valyuz offers a range of financial services and products to individuals and businesses. Valyuz account holders can manage their finances through a secure system with fast and simple applications. Continue reviewing. This digital bank is based in the UK and part of the Clydesdale Bank & Yorkshire Bank Group. Among the services offered by B are current and instant savings accounts that work together; contactless debit cards; loans; 24/7 phone customer service and B is accessed via a super-smart app with Touch ID. Customers earn interest on their current accounts up to 2,000GBP.

      Intergiro

      Intergiro allows you to leverage state-of-the-art banking infrastructure to build financial services rapidly and at a low cost.

      Open your merchant business account with Europe’s hottest fintech to access multi-currency IBANs, expense management cards and merchant acquiring services.

      Revolut

      Revolut is a FinTech company based in the UK and is available in 33 countries. They offer low fees and many extra services and products including personal loans, eMoney accounts, phone insurance, travel insurance and Cryptocurrency trading but unlike several other online banks Revolut does not offer overdrafts, joint accounts or interest on your savings.

      Monzo

      Monzo is considered extremely user-friendly with an easy-to-use app. Although Monzo is based in the UK you can use this digital bank in any country where MasterCard is accepted. There are no fees for international spending; they offer overdrafts and loans; fast money transfers and integration with other online services. Monzo lets you set yourself budgets; you can pay direct debits through your Monzo account; earn interest on your savings and sort your money into separate “pots” for different purposes – rent money, spending, bills etc. And if you put your salary in your Monzo account they can advance you the money a day early!

      tarling

      The mobile-only digital bank Starling is from the UK and they offer personal and business accounts; 24/7 customer service; joint accounts; an app that gives you instant notifications and insights; they charge no fees overseas and have strong security using Touch ID. You can split the bill; control a flexible overdraft and get interest on your savings. Starling’s personal account won the Best British Bank and Best Current Account 2019. Their business account is also an award winner and easy to use.

      Monese

      Monese is perhaps the easiest and quickest online account to set up. Monese is UK-based but can be used in 20 countries with GBP and Euro. They offer free international transfers and free same-currency transfers. Monese does not offer interest on your savings and there are no overdrafts or joint accounts but there is customer service in 11 languages and an excellent contactless prepaid debit card.

      N26

      If you are looking for a diligent Euro digital bank then N26 is the answer. Based in Germany N26 is available in 22 countries and offers an excellent reward program; money transfers; a checking account with debit card and ATM cash withdrawals. With N26’s “Space” feature you can create sub-accounts for various purposes. You create a Space and set your financial goals then watch as you move towards your target. Soon you’ll be able to share Spaces with up to 10 people via their easy to use app.

      Fidor

      Fidor is a German-based digital bank offers personal current accounts; savings bonds and a business account as well as investments; loans; cards and overdraft options. You can set up standing orders; make international transfers and all with complete transparency. Their Smart Community is a forum for customers to discuss finance issues and even do business. Since September 2019 Fidor no longer offers products and services in the UK but continues to be a leading online bank in Europe.

      First Direct

      First Direct is an online bank based in the UK which offers 24/7 phone, mobile or online customer service. By partnering with HSBC First Direct customers can withdraw cash and make cash or cheque payments at HSBC brick-and-mortar branches. Some First Direct services are also available at UK post offices. Overdrafts can be arranged with no interest charged on the first 250GBP. First Direct arranges life, travel and house insurance. They offer loans, cards and even mortgages.

      Hello Bank

      Hello Bank was created in 2013 by BNP Paribas to be their fully online bank. This innovative Belgian bank keeps up-to-date with the latest trends and financial management needs of people on the go. Among the services offered by Hello Bank are loans; brokerage services; insurance; saving accounts; current accounts; Visa credit cards and prepaid cards. Their basic banking current account costs just 1 Euro a month and for that you get web, app and phone banking; a debit card; you can make standard orders and direct debits; manage your bank statements and make up to 36 manual operations each year in all BNP Paribas Fortis bank agencies.

      NatWest

      National Westminster Bank is a retail and commercial bank and in the Royal Bank of Scotland Group. It is considered one of the U.K.’s Big Four clearing banks with almost 1,000 branches and 3,400 ATMs across the country. They offer online banking and a full range of banking and insurance services.

      Europe’s top online banks share a number of important features:

      • With an online bank, you should be able to receive payments by wire transfer.
      • Make international payments by wire transfer.
      • Control your banking remotely without having to visit a brick-and-mortar bank branch.
      • The best online banks offer corporate bank accounts with comprehensive services.
      • Top digital banks offer internationally accepted debit cards.
      • Some leading online banks have a money transfer app.

      There are many online banks in Europe

      So to help you narrow down the best of the lot take a look at this list which includes the top digital banks in Europe offering full-solution banking. These top European online banks are the best digital alternatives to traditional branch-based banks. Some of the listed banks are linked to a network of brick-and-mortar branches through a parent company.

       

      They offer all of the services you would expect from a traditional bank including impeccable safety; regulation and customer service. And they have to meet other requirements like offering a user-friendly interface; convenient access and technically advanced applications.

      Popular Questions & Answers

      Challenges Facing Online Banks in Europe

      As online banking becomes progressively more popular digital banks are having to keep up with customer needs and offer more advanced services and products. The challenge facing online banks is to meet the needs of customers now and in the future. Customers are looking for a complete digital banking solution which can match and even surpass the services and products of traditional banks.

      In addition to the comprehensive financial services offered by Europe’s leading digital banks they also provide support services, a user-friendly interface and low fees. Some digital banks are EMIs or Electronic Money Institutions that offer limited services and focus on currency exchange and money transfers. An EMI can still be used for their services as you would use a regular bank.

      What to Look for in an Online Bank?

      When choosing your online bank stick to those with a good reputation for excellence and FDIC coverage so that your money is insured. Choose one that offers high interest rates; a user-friendly interface; credit cards; low fees and excellent customer service.

      Which are Europe's Best Online Banks?

      Among the best online banks are Monese; Revolut; Fidor; Hello Bank and N26. These digital banks make the list of best European banks because of their track record; comprehensive services and customer support. The best bank for you will depend on your personal banking needs. Many of these top European banks can provide you with loans, insurance, brokerage services, ATM access, money transfers and debit and credit cards.

      How to Open a Bank Account Online in Europe?

      If you hold an EU passport, then opening a personal bank account at one of the European online banks is simple. Online registration is not possible with all digital banks in Europe but there are those that do offer this service. To open a bank account online in Europe you will need proof of residence (a utility bill, phone bill, municipal tax bill etc.). To open a business account online in Europe the process is a little more complex. You will need to present the full details of your business; a KYC and AML questionnaire and list the business’s beneficial owners. Make sure your chosen bank accepts customers working in your field and jurisdiction.

      Can I Open a Bank Account in Europe?

      If you are a legal resident of the EU, you are entitled to open a basic bank account in Europe. Being an EU citizen does not automatically give you the right to open other kinds of bank accounts in Europe like a corporate account. If you are not a resident or citizen of a European country your options for opening a bank account in the EU are limited and expensive. Opening a bank account in Europe as a non-resident is easier in some EU countries than in others. If you opt for online banking in Europe, you will have access to most of the features of a traditional bank but with the added advantage of being able to do your banking digitally on your mobile device or a computer.

      What to Look for in a Top Online Bank in Europe

      • Efficiency – Many of the leading online banks choose to outsource some services to increase efficiency rather than having to develop the services themselves. For example, some EMIs and online banks use a third-party service to handle customer service and support or to handle AML checks and compliance. By using third-party services for some of their functions digital banks can save time and money leaving them more time to focus on your needs.
      • Security – Licensed online banks have to comply with the same regulations as regular banks and so they can reach the same high standards as traditional banks. One of the important safety features of all licensed banks is mandatory funds’ insurance. Always choose an authorized and licensed online bank.
      • Fees and Charges – Online banks can operate at a lower cost to traditional banks. This saving means they can afford to offer customers lower rates and fees. Online banks will generally offer customers higher interest rates and lower fees than traditional banks.
      • Practicality – Online banks can provide customers with an international debit card so that you can make payments and purchases; withdraw money; set limits and permissions; make security changes and block or unblock your own card if need be. A top online bank should give you all the services of a traditional bank but with easier access directly from your mobile phone app or desktop computer.

      European Bank Accounts

      There are many reasons to open a bank account in Europe – whether you receive payments in Euro from European customers or if you need to pay European suppliers in Euro. You may have considered Germany or Portugal as possible countries to open a European account or perhaps you’ve been looking at bank accounts in the U.K. All of these options are doable but US citizens might find it more convenient, and easier to open a multi-currency borderless account. With this type of bank account, you can work in Euro, GBP or any other European currency.

      Can anyone open a European bank account?

      All legal residents of EU countries are entitled to open a basic payments account. However other types of accounts like savings accounts or corporate accounts are not automatically right. The options for opening a bank account online in Europe for non-residents are limited.

      Can anyone open a bank account online in Europe?

      If you hold an EU passport you can open a private bank account online if your chosen European bank offers online registration. To open a private bank account online in Europe you will need proof of address in the form of a utility bill or other official document showing your name and address. If you wish to open a corporate bank account online in Europe you will need a number of important business documents and you will most likely need to make a visit to the bank branch rather than completing the entire registration process online. For opening a business bank account in Europe you will need the full details of the company’s beneficial owners; full KYC and AML compliance; sometimes a business plan and several other documents. Not all European banks will accept corporate clients from every jurisdiction and from every business sector; before preparing and handing over your corporate documents to the bank check that they are open to clients from your jurisdiction and business sector.

      European Bank Accounts

      There are many reasons to open a bank account in Europe – whether you receive payments in Euro from European customers or if you need to pay European suppliers in Euro. You may have considered Germany or Portugal as possible countries to open a European account or perhaps you’ve been looking at bank accounts in the U.K. All of these options are doable but US citizens might find it more convenient, and easier to open a multi-currency borderless account. With this type of bank account, you can work in Euro, GBP or any other European currency.

       

      Uses of a European Account

      Your choice of bank account in Europe depends largely on what you plan to do with the account and which financial services you will be needing. Some of the top reasons for opening a bank account in Europe include:

      1. European bank accounts are convenient for frequent travelers wanting a convenient way to access cash in all European countries.
      2. European financial institution can be acting as a virtual bank account too and preform like any other ban account.
      3. If you are buying property in Europe and need to make international payments for this purpose.
      4. If you’re opening a new business in Europe or expanding an existing one, launching your business in the European market.

      Freelance professionals needing to receive payments from customers in multiple currencies will find a European bank account useful for holding and converting currencies from across the globe.
      A bank account in Europe is good for individuals wanting to save, invest, add to their pension fund or diversify their savings in a foreign currency.

       

      Choosing the best European Bank Account online

      There are several banking solutions in Europe available to individuals and companies. The first question is what you will be using the account for and which financial services you will require. Once you have decided that, you can settle on the right European bank and account-type for you. Different clients have different banking needs – do you need a European bank with low fees for payments; good interest rates; convenient access? Compare the features each bank offers you then make your decision.

       

      Making your choice of the best online bank for your own needs must take into account your specific requirements. The best online banks and financial institutions provide a wide range of different services at various cost levels. Each one of the banks offers a unique package of services that will match different financial goals. Commercial banks in Europe that hold a fully-fledged banking license can offer their customers a full bank account and a universal credit card (Visa or Mastercard). By law, these banks protect customer deposits up to €100,000. The newer financial institutions (also called fintech banks) use modern digital platforms to offer a free standard current account with optional features like integrated budgeting, monthly reports, and other ways to keep customers in control of their cash. Common digital payment options like e-Wallets, debit cards, prepaid cards, internet transfers are available usually at a lower cost than from commercial banks. Some of the digital banks offer saving schemes in their online bank accounts with competitive rates of interest, but they cannot provide a universal saving guarantee. Customer growth and financial stability is the universal goal of the best online bank account provider.

       

      When choosing the best international business online bank account, the main features to look for are the cost of its services, its track record, the range of different services and the level of customer support. Simple measures such as level of transfer fees; whether the bank issues universal credit/debit cards (Visa/Mastercard); and is truly ‘borderless’ offering its services throughout your area of operation. These are the metrics that people use to judge which are the top international business accounts suitable for their own operations.

       

      The decision whether or not to open an overseas business account depends a lot on the type of business structure that you have, and also on whether you are going to transfer funds across several global areas. On one hand, having a business bank account will make the business appear more professional, as customers will be dealing with an account held in your business name rather than your own name. Generally, businesses don’t like making payments into non business accounts.

      If you are trading just inside one bloc, such as the European Union, or the USA, there is probably no need to open a global  bank account. If there is going to be significant international activity, a business worldwide bank account makes the operations more efficient and simplifies accounting and reporting.

       

      A more recent list of 100 top European banks comes from the 2018 S&P Global Market Intelligence report. In this report, banks were ranked according to their reported assets and were not adjusted for differences made by various accounting treatments. For many years U.S. based financial institutions dominated S&P Global Market’s annual report of the largest banks but recently Chinese banks have taken the lead. When total assets are assessed four of the top 15 largest banks in the world are Chinese and a total of six financial institutions on the list are based in Asia. In stark comparison, only two of the 15 largest banks in the S&P Global Market’s report are based in the U.S.

      What Features do the Best Online Banks in Europe Offer:

      • Safety – Most of the top online banks in Europe are fully licensed and meet the requirements of authorized brick-and-mortar classic banks or financial institutions. Only do your banking with authorized and FDIC insured financial institutions that will protect and compensate you if need be.
      • Usability – The best online banks in Europe use a user-centered design that makes it quick and straight forward to navigate the site. An attractive, user-friendly online banking site which is streamlined and simple to carry out banking transactions is one of the most important factors when choosing an online bank.
      • Simplicity – To make things simpler many online banks and EMIs outsource to third parties for some services including issuing payment cards; customer services; compliance checks; foreign currency exchange and integration with money transfer companies for SEPA and SWIFT. Not only is the outsourced service usually better than the EMI could provide but it also saves time and money.
      • Function – Online banks should provide you with an international debit card that allows you to make payments; withdraw funds; block/unblock your card; limit and set permissions for the card and alter security settings – just as a traditional bank card would do except with the added convenience of an app or desktop access.
      • Interest and Charges – Online banks with a fully operational business model will be able to function at on a much lower budget than traditional banks. The huge saving on physical branches; staff; organizational structures and other factors is passed on to the clients who get excellent value for money, higher interest rates and lower fees with their online bank.

      Largest Electronic Money Institutions in Europe

      Which ones are the best banking app in Europe?

      Digital apps have made it possible for banking services to be more accessible than ever. In countries like Norway, Finland, Denmark and the Netherlands, over 90% of the population prefers digital banking. But that’s not enough to have an app that does the bare minimum.

       

      You need to look at the ease of use, accessibility, good U.I., and, most importantly – security when looking for the best banking app. That’s something you can’t ignore, with cyber crime reaching an all-time high. So, how do you find the best mobile apps to use? How do you know what’s the best mobile banking app that is tailored to E.U. residents?

       

      Different mobile banks offer different fees and rates, and coverage can vary as well. So, we’ve singled out ten of the best banking app options talking about the standout features for most of these apps so that you can choose what suits you best.

       

      What are the best mobile banks in Europe in 2023?

      By 2026, the digital banking market is expected to grow by a CAGR of 5%. But customer demands are also expected to change.

      The best mobile bank apps will have to cater to different needs down the line. For example, the demand for cryptocurrency support could be a little higher considering the industry’s annual growth rate of 58.7%.

       

      Some banks, like N26, offer metal cards – and they look kind of cool. Revolut, on the other hand, is your choice if you’re looking for a crypto-friendly bank. While the prices are a fair bit higher, you’ve choices to invest across a wide range of crypto coins.

       

      These banks provide services that are up to the highest of standards. However, there might be specific features or interest rates that you’re looking for. So, look for a bank that caters to your specific interests and serves you best.

       

      What is the best mobile banking app Europe in 2022?

      Applying to digital banks has its own benefits. For one, it’s easy to apply and convenient. Also, you get higher interest rates and many offer useful budget insights.

       

      So, what is the best mobile banking app that I can use right now?

      If you’re looking to open an account within a matter of mines, also have a deposit guarantee of up to €100,000, try N26.

       

      On the other hand, if you’d like to have an ‘Open Banking’ experience that allows you to access all accounts in one place – Revolut is the best mobile banking app for you.

      But, if brand value makes you feel more secure in terms of banking, choose NatWest as your preferred option.

       

      These digital banks offer customer service through apps. Some have an increased focus on automated features – which may or may not be something you like.

      4. Top 10 mobile banks apps in Europe

       

      Monzo – Monzo is the bank for you if a physical debit card is important to you, but you want a digital bank account. It also offers a variety of features like bill management and spend management utility.

      N26 – N26 stands out among the top 10 mobile bank apps for its ease of use and speed of opening a bank account. It also offers a guarantee of €100,000 from the get-go.

      Starling – Starling Bank is one of the oldest digital banks and offers a good environment for businesses to thrive, as well as joint accounts for families.

      Revolut – Revolut offers a unique service in the Revolut and Revolut Metal Card. The latter is an all-metal card which offers 1% cashback on all transactions and can be a great choice if you’re keen on rewards.

      Monese – For international transfers without fees, and a contactless MasterCard, you can choose to sign up for Monese.  t can also be used with Apple and Google Pay, and has a saving pot feature as well.

      Valyuz – Valyuz allows you to make mass payments and issues IBANS as well, making multiple transactions much simpler.

      Hello Bank – Hello Bank ensures top security by using a five-digit code for every transaction process.  The other benefit we like? The ability to adjust your credit and debit card limits instantaneously.

      Fidor – For businesses, Fidor can provide tailored products and services to help you out. There is also an online community that you can use to answer all your questions.

      First Direct – First Direct gives you full control over where your card is used to add an extra layer of security.  You can also keep full track of your transactions and manage your spending on the app.

      NatWest – NatWest’s app allows you to manage your rewards, get cash without a card, have a fingerprint or Face I.D., and enhance your banking experience.

       

      5.  What are the banks with the best mobile apps in Europe?

      Based on the overall experience, here are the banks with the best mobile apps in Europe – Monzo, Starling Bank, Revolut, N26, Holvi, NatWest, Hello Bank and First Direct. If you’re looking for a good banking app, you can go for ones like Natwest and Revolut, as they also offer useful budgeting features.

      6.  What are the most popular bank apps in Europe?

      To answer – “what are the most popular bank apps” the number of customers should give us an accurate estimate.

      Revolut, with over 9m customers leads the list. You also have Bunq, which has around 5.4m customers, and N26, which has over 7m customers. The other bank we should mention, which is as popular, is Starling Bank, which has over 2.4m customers.

      7.  Finding the Right Banking App for You

      With the information given above, you are in a good position to decide on the best mobile bank app for yourself.

       

      Features like a good reward system, loyalty program, and referral program are all added benefits that you can and should be on the lookout for. It’s also why digital banking apps are more popular among freelancers, travellers, investors and small business owners who want to be on the go and are looking for a solution that matches their needs.

       

      The N26 banking app is a great choice because it offers free retail and business accounts. Many also prefer an account with Revolut since they get a free multi-currency account.

       

      Go for one that offers a personalized experience so that you can get the best out of your bank. Check the customer service, and see if it’s helpful for you.

      Setting up a Cryptocurrency Bank Account for Your Business

      We at GBO will assist you to find a Crypto business bank account in Europe

      When customers, suppliers and employees start to request to conduct business with your company and work using cryptocurrencies, it is essential that you have set up the proper banking channels so that you can handle this new form of transaction.

       

      Until now, the main focus of interest in digital currencies has been in their role as a channel for speculation and investment. The main role of the financial institutions who have been prepared to engage in crypto activity for customers has been to act simply as clearing houses or trading platforms. This is not the role that a crypto bank account must play for you if you are looking to extend your company’s facilities to allow for normal business transactions using cryptocurrencies.

       

      We at GBO have had a leading role in helping corporate clients to select the right crypto-friendly bank to support their movement into digital currency banking based on our identification of their range and quality of crypto banking services and how they match our clients’ business needs. 

      Valyuz UAB

       

      We will help you to open a crypto business bank account

        In this article, we will highlight some of the features any business should be looking for in selecting the best crypto-friendly bank to provide all the necessary facilities to handle cryptocurrency transactions, We can even pinpoint several banks in Europe that are standouts when you are choosing your own crypto business bank account in Europe.

        What to look for when selecting your cryptocurrency business bank account

        It’s important to understand that there are two separate streams of banking services in the new cryptocurrency world. On one side are the institutions offering services to investors and speculators. These banks are the equivalent of investment banks and merchant banks. They are not able to provide the required B2B crypto banking services to commercial businesses.

        The other stream supports the move into cryptocurrencies for businesses that are now accepting digital currency payments from their customers, are offering options for salaries and wages to be paid in crypto format directly into their employee’s wallets, and to pay suppliers for goods and services via digital currency channels.. In this article, we are focusing on these banks, for companies that are looking for the best crypto-friendly business banks.

        Essential features of a crypto bank account for B2B business

         

        Crypto-friendly business banks must have already structured their systems to not just handle the digital processing of transactions, but be able to provide ways of dealing with the known vulnerabilities that businesses are already facing when incorporating cryptocurrencies into their payment model. Some of these are:

        • Price volatility: Because the value of cryptocurrencies often varies sharply, even within the trading day, there are problems in basic accounting both for businesses and consumers
        • Multiple alternative cryptocurrencies: Thousands of cryptocurrencies are already available, and new coins are appearing regularly. It is not possible to offer the full range, so the bank must match the digital payment methods accepted in your B2B operations.
        • Cashflow disruption: Having incoming revenue in cryptocurrency, whilst outgoing payments primarily in fiat currency, could prove to be a problem, unless the crypto business account provides for seamless conversion at a stable and predictable rate of exchange.

        Crypto business bank account in Europe

         

        GBO Financial Services has been providing expert advice in a wide range of leading-edge and innovative fields, such as online casinos, Fintech banking, high-risk merchant banking and crypto banking. Our selection of five crypto-friendly banks in Europe is based on our deep experience in the market. Talk to one of our consultants today to learn what we can do for you in incorporating these dynamic business models into your operations.

        Valyuz UAB

        One of the best services out there is the solution of Valyuz UAB, Valyuz through Krypten offers to receive payments from clients in a decentralized digital currency Bitcoin (BTC). This solution will allow your business to accept crypto payments for goods and services quickly and efficiently. crypto business account as a means of payments.

         

        BCB Group

         

        BCB Group is one of Europe’s leading service providers for the digital asset economy, regulated in the UK and Switzerland. The payment methods supported include Bitstamp, BitPay, Kraken, Gemini, Galaxy, and Circle, handling all central fiat and cryptocurrencies.

        It also provides all the necessary corporate banking services, such as institutional payment services in up to 29 currencies, including business accounts with dedicated IBANs for companies requiring cryptocurrency exchanges, technology and account management.

        The bank supports the major fiat currencies, including sterling, euro and US dollar. It has all the major payment networks (UK FPS/CHAPS/BACS, SEPA, SWIFT and US ABA) built in.

        Corporate customers can select wallets and secure custody for major cryptocurrencies, stablecoins and other digital assets, as well as fiat currency accounts. With this bank, you can convert any supported fiat or cryptocurrency position into any other fiat or crypto on the platform, at rates that are better than market averages.

        Business clients can access an online portal to send payments and track receipts via the bank’s automated API.

         

        SEBA

         

        SEBA Bank is a Swiss-based institution that offers payments, transfers, and card services in various fiat and digital currencies through e-Banking, SEBAwallet, and API interfaces. SEBA Bank supports corporate and institutional clients with accounts enjoying services for cryptocurrencies and digital exchanges.

        The bank provides digital corporate finance, digital banking services and digital custody services to corporate customers with capabilities in fiat currency accounts, including the Swiss franc, euro, US dollar, sterling, HK dollar, yen, Singapore dollar and Polish złoty. It provides for transactions in Bitcoin, Ethereum, Polkadot, USD Coin and more than 12 others.

        Payments and card services are fully integrated with all SEBA bank services.

        Mistertango

         

        Mistertango is a brand of Secure Nordic Payments based in Lithuania. It is registered as an EMI.
        Mistertango offers banking services for small and medium-sized companies registered anywhere in the EU & EEA. Business banking solutions are tailored to help meet the needs of businesses wherever they are based.

        Business customers can manage their accounts via Mistertango’s mobile banking app and secure internet banking portal. Together they provide seamless desktop internet banking & mobile app banking so that your business can manage fund movement easily.

        Fast and secure access allows all kinds of SEPA payments, including SEPA Credit and Instant Credit Transfers, B2B Direct Debit Transfers and Core Direct Debit Transfers.

        Mistertango provides 24/7 support for business customers via their online support platform. They conform to the strict financial regulations in Europe, and are regulated by the Bank of Lithuania.

         

        FinXP

         

        FinXP is a European Fintech company based in Malta and is licensed by the Malta Financial Services Authority. It specializes in medium company business accounts, offering an Omni-channel payment gateway that accepts payments online, mobile and POS. PaaS (payments as a service) gives the advantage of batch payment processing, which saves time, yielding cost-savings. SEPA Direct Debit payments can be received from accounts worldwide, and processed through a single IBAN account for all local and international money transfers.

         

        The main advantages for business account holders are rapid account activation., acceptance of non-EU Residents, and 24/7 access from a web-based platform.

        BVNK

         

        BVNK is a UK-based FinTech institution focussing on global businesses with services that bring fiat and crypto in step. A BVNK business bank account will replace a traditional bank with an account that offers more service for less cost. Send, receive, and convert over 200 currencies in a single account. Send and receive payments on all major blockchain networks and payment schemes.
        The company’s customers can trade digital assets and fiat holdings through its institutional-grade OTC desk, with the capacity to move large values. All transactions are integrated into one business account.
        Payments are integrated directly into the account via the cross-border payments facility.

        Crypto business bank account in key jurisdictions

         

        In the next section, we can highlight some of the main features of crypto business banks in the more important countries where these are available. Remember that each one of these countries has complex and specific laws dealing with this new aspect of banking. Before you make any decisions, get expert advice from GBO, where we have the knowledge and experience to set you on the right path

         

        Crypto business bank account in Germany

         

        Commercial banks in Germany are reluctant to allow for crypto bank accounts for businesses. The central Deutsche Bank has set strict rules on dealing with cryptocurrencies and few German banks are willing to work with crypto startups. Some smaller German banks allow cryptocurrency trading for private bank account holders, but there are no business bank accounts currently available. Some of the small financial institutions and EMIs, like Fidor Bank, Bitwala, Vido, Nuri and VPE Bank are already providing a range of cryptocurrency trading and custodial services to private customers, and could be expanding into business accounts in the future. High wealth customers can also get crypto business business accounts from private banks like Max Heinr.Sutor OHG.

         

        Crypto business bank account in Lithuania

         

        Lithuania is leading the crypto financial markets in the EU. Several existing financial institutions and EMIs are expanding their banking services to include crypto business banking accounts.

         

        Mistertango is a registered EMI that provides banking services for small and medium-sized companies registered anywhere in the EU & EEA. Valyuz is a leading EMI that offers a range of financial services and products to businesses.

         

        Crypto business bank account in Malta

         

        Malta is becoming regarded as the “blockchain island” thanks to the favorable legislation and regulation for cryptocurrency enterprises. Several large crypto exchanges like Binance, Bitbay and others are operating out of Malta.

        However, banks there are applying strict rules before they accept corporate customers wanting to deal with crypto transactions. Most are regarding this as high-risk finance and companies must comply fully with the Virtual Financial Assets Act .

         

        After Brexit, there has been a shift in the banking scene in the UK and it is now possible to find EMIs and financial institutions that operate as financial services providers for corporate customers to provide B2B as well as B2C crypto bank accounts. Popular institutions based in the UK like Cashaa, Revolut, Orounda and BCB Group. The first commercial bank to also offer these services is the Royal Bank of Scotland.

         

        Crypto business bank account in the USA

         

        Many large US institutions are already offering private clients full crypto trading and wallet storage facilities to existing corporate customers. These include Bank of America, Chase, Goldman Sachs and Morgan Stanley. Other financial EMIs like USAA, Quontic, and Ally are actively seeking businesses as new customers with B2B and B2C crypto banking account services.

        FAQ

         

        Can you set up a B2B crypto business account?

         

        There are no regulations in the UK or Europe preventing trading in cryptocurrencies. Only a few banks are offering the range of services for businesses to handle transactions and payments in digital currencies. It is essential to check that the bank you are opening a new account with matches your requirements.

         

        Which bank account is best for cryptocurrency?

        The choice of which bank account is best for you depends on the account’s purpose and the type of cryptocurrencies you will handle. Unlike the customers whose main purpose for the account is to act as an investment channel, buying, selling and trading in digital currencies for gain. In such a case, the range of accounts is very wide – most of the more popular crypto platforms were created and continue to work in this field. However, for businesses looking to handle normal B2B transactions in cryptocurrencies, there are specialized banks and Fintechs, such as the ones we highlighted in this article.

         

        Can you open a B2B bank account with cryptocurrency?

        Yes, as long as the bank has this facility. Suppose the bank allows you to open a cryptocurrency savings account. In that case, you can invest your funds into cryptocurrencies like Bitcoin, Ethereum or stablecoins. Some traditional banks still block trading and investing in digital currencies.

        Best Banking as a Service providers & platforms -171 BaaS companies

        What is Banking as a Service platforms?

        In the banking as a service platforms (otherwise known as BaaS providers) model, the customer is owned by a non-banking financial services provider which integrates its services with facilities from one or more banks. BaaS is the plug-and-play equivalent offering banking and financial services. BaaS means customers are paying for services as they use them, rather than buying applications. Many finance service and banking providers are now embedding financial services into their offerings to enhance the end-to-end journey for their customers.

         

        How does banking as a service work?

        Banking platform as a service (BaaS) involves three parties – a Third Party Provider (TPP) which offers a brand of services to end-users; a service provider that supplies modular financial services to TPPs on cost-per-use service; and a registered bank that provides banking functions to service providers, such as payments, back-office operations, risk management, and customer service. Most importantly, the bank is the entity that provides regulatory compliance for the whole BaaS platform.

         

        The bank grants access to its systems to a TPP, which means the TPP can use its APIs to interact with customer data. With this access, the TPP can offer banking products and services using its systems.

         

        BaaS explained

        Built on the concept of software as a service (SaaS), which enables users to subscribe to function-specific services over the internet rather than having to buy and install applications on their computers, banking as a service platform is the plug-and-play banking equivalent that enables users to access financial services over the internet. It typically does this through banks offering up their infrastructure to third-party service providers such as financial-technology firms (fintech), that are offering retail banking services, typically through the use of application programming interfaces (APIs).

         

        The list of best online banking as a service providers includes new players such as Mambu, 10X, Thought Machine, and FinXact, as well as products from the traditional core platform vendors. These promise to help banks radically modernize and accelerate the benefits through higher developer productivity and the removal of technical hurdles. They can achieve further efficiencies by leveraging cloud-based services, which enable them to deploy new products and scale infrastructure quickly and use development tools that support automation.

         

        Third parties can provide various financial services to their customers by building on top of the existing regulated infrastructure of licensed banks. Service providers from virtually any sector can now incorporate the full range of financial services for their customers and for the customers themselves to conveniently access those financial services even if they are not customers of the underlying bank. With baas providers, service providers can simply pick and mix from a range of financial products and then tailor them to the needs of their customers; in doing so, they can create new financial platforms of their own.

        Below is a list of best online banking platform providers currently offering products to both banking as a service and banking as a platform customers:

        New Banking as a Service - list of 172 BaaS companies

        Product Vendor Description
        1 Intergiro.3d Intergiro Intergiro allows you to leverage state-of-the-art banking infrastructure to build financial services rapidly and at a low cost
        2 Abanks ASI GROUP Mature -  robust and versatile Financial Core Solution that incorporates the best practices of the international financial market
        3 Abowire Abowire Abowire is a Subscription Platform that has everything you need to sell subscriptions. No code & fast setup. Made in Germany.
        4 Abraxsys Cor Financial Solutions Integrated multi-currency banking system covering treasury - commercial lending and trade finance with unified customer information.
        5 Accusystems - Document Imaging AccuSystems Bank document management solution that helps manage loan applications -  contracts -  insurance -  wire transfers -  audits
        6 Apex Banking Software Apex Softwares Comprehensive solution for the integral processing of all operations in a financial organization.
        7 aplonHUB Payment Components Add payment functionality to the core system.
        8 ARMnet Integrated Banking Axcess Canada Integrated financial management solution for banks -  credit unions -  loan originators and wealth management firms - SOA architecture.
        9 Aspekt Microfinance Software Aspekt Microfinance software with integrated Business Process Modelling tool.
        10 Aurora Image Item Processing Computer Service Professionals Check processing software designed to provide superior performance and accuracy for the check processing operations.
        11 Avaloq Banking Suite Avaloq Fully integrated front-to-back digital and core banking solution -  delivered ready to bank (SaaS) or ready to operate (BPaaS).
        12 Axxiome Digital Axxiome An intelligent omni-channel solution designed to simplify -  accelerate and deliver purposeful digital transformation for banks.
        13 B2 CS All-round banking automation solution that enables a broad spectrum of bank's business processes to be automated
        14 BANC Mall SS&C Technologies Provides accurate and up-to-date access to credit reports -  business reports and other services all from a single web site.
        15 BANCOS G&H Bankensoftware Meets customers needs for flexibility and interoperability.
        16 Bank Communication System Keystone Computer Associates Operates on IBM mainframes and supports SWIFT -  CHIPS -  DTC -  FEDWIRE -  NBES -  and TELEX transactions.
        17 BANKER' S FRONT New Access Integrated -  modular -  multi-channel front-end solution for private banking & wealth management institutions.
        18 BankFlex Eon Technologies Ready to deploy omni-channel solution to meet their digital transformation needs.
        19 Bankingly Bankingly Solution for financial institutions to provide secure and affordable web and mobile channels.
        20 BankMill Mindmill Software Core Banking Software. Browser & Applet Based. Full functionality -  Single Database.
        21 BankOne E-QL Business Solutions Any Branch Banking (ABB) System for Co-Operative Banks & Credit Societies to serve the clients better.
        22 BankRite BMA Core Technology Banking software with item processing -  deposits -  loans -  teller systems -  reporting -  CIF -  remote deposit -  and ebanking.
        23 BankSmart CodeBase Technologies Online software built on a hybrid blockchain model that helps automate front and back office activities in banks.
        24 Banksoft Processware Systems Core banking software with built in financial reporting.
        25 BankTrade Complex Systems Browser based software solution for trade finance -  letters of credit and international banking.
        26 BANKTRON ETRONIKA Omnichannel (Internet -  Mobile -  Web Services etc.) solution for modern financial institutions.
        27 BankWare International Financial Systems Web-based platform designed to help banks streamline workflow processes with collateral management -  account charging
        28 BANQ BanQ Systems Multifunctional product for transaction processing creating. It could be used as a standalone product or as a part of FinQloud.
        29 Bansoft Banking Systems Core Cloud Banking Solution designed for online Financial Institutions.
        30 Bantotal Banking System Bantotal Bantotal Core - Bantotal Microfinance - Bantotal Comex - Digital Banking Solutions - Bantotal Treasury - Bantotal Business Processes
        31 BCSS Prime Factors Highly-specialized middleware for EMV data preparation and a secure card issuance.
        32 BLOCKCHAINIZ Utocat Blockchain access solution. The API is available to all people wishing to carry out a project on the blockchain.
        33 bMASTER Enterprise Banking System UniSystems bMASTER is an advanced Core Banking packaged solution covering a wide range of operations for retail -  wholesale and corporate banking.
        34 Cashbook Cashbook Cash Mgmt and Electronic Banking solutions for over 100 customers in 20 countries around the world. Integrates w/ leading ERP systems.
        35 CashWebCommunity Transtrack International Modular multi-lingual cash management solution that integrates with 3rd party systems and works with domestic and foreign currencies.
        36 CAVU Metryus CAVU ready-to-go mobile banking application
        37 CenterSphere Centerprise Services Management -  monitoring -  and control solution for financial services organizations.
        38 CLX.E-Banking Software Suite CREALOGIX Digital banking platform that combines asset management -  customer service -  and bank document management modules.
        39 CMB MFSYS Helps MFIs and Banks strategically respond to today's business challenges.
        40 COA for Banking Advanced Software Applications Opportunity management platform with combined CRM -  sales force -  and marketing automation functionality for banking sector.
        41 CoBIS Microfinance Software Enterprise Software & Technologies Manage accounting -  clients -  suppliers & loan portfolios through financial planning -  reports & more.
        42 Community Banking Systems Genesis Banking Document imaging & loan management software for community banks which helps in banking compliance - audit preparation -  etc.
        43 CompliXpert Sydel Corporation Anti-money laundering monitoring and compliance system for financial institutions.
        44 Core Banking Solution Mccoy Global Links Enables the financial institution to operate more efficiently and cost-effectively.
        45 CoreBank Banksoft Integral and modular core banking system that represents a strategic tool for bankers.
        46 Corniche Megasol Technologies For management of private banks -  offshore banks -  and other financial institutions involved in loans and payments -   provides true multiple currency accounting with a uniform back-office interface -  merchant and card services -  payment interfaces and powerful on-line banking facilities. Potentially manage multiple entities with unlimited currencies. Design parameters make it ideal for managing small to medium size banks and branches.
        47 CPB Software CPB Software Core Banking -  e-Banking -  Payment System (SWIFT/SEPA) CRS Reporting -  e-Mailbox -  e-Signature -  e-Forms
        48 Crassula Crassula Open-banking software platform that helps companies launch online banking -  merchant payment gateways -  FX -  card issuing
        49 Credics Solution Credics Rules-based engine platform for transaction processing.
        50 Credit Cooperative Society Software Shinewell Innovation Softech .NET based centralized database online software for credit cooperative societies with core banking functions.
        51 CSI Computer Services Manages payments -  transactions -  loans & treasury through mobile banking applications & more.
        52 Cyberbank Technisys Banking system solution that helps businesses with customized interactions -  service oriented architecture
        53 Cyclos STRO Online and mobile banking system for brokers -  banks -  and organizations that wish to conduct transactions in local currencies.
        54 D3 Banking D3 Technology Banking system that helps financial institutions manage account opening -  customer support -  & administrations operations.
        55 Deposit Solutions Deposit Solutions Open banking solution that enables you to connect bank deposits and depositors across Europe.
        56 eBank.net Dais Software Enables banks to streamline workflow processes with biometric authentication -  e-invoicing and more.
        57 ebankIT Ebankit Assists financial institutions with customer service -  account opening and augmented reality.
        58 EBANQ EBANQ Holdings User-friendly online banking software in the world. Online in 24 hours with the own branding.
        59 ENNOXX.BANKING Ementexx Banking and communication platform that enables you to manage information about accounts -  payments and other.
        60 Enova Decisions Cloud Enova Decision management SaaS that enables the mid-market to apply AI to credit -  fraud -  and marketing decisions.
        61 EpaySuite Canopus Innovative Technologies Ready-to-implement core banking and payment software platform and SaaS for Fintechs and Digital banks
        62 Fin Superb Cooperative Society Software Mini Banking software for small cooperative banking operations.
        63 Finacle Infosys Technologies Addresses the core banking & web based cash management requirements of retail -  corporate and universal banks worldwide.
        64 Financial Banking System Byte Covers all operations of a financial institution with more than 80 modules that can be assembles according to the needs.
        65 Finantix PotentiaN Improves customer service and new business opportunities by integrating channels and banking systems for users and clients.
        66 FinCraft Nelito Systems Offers unmatched deployment flexibility -  superior scalability and unique functional features that add
        67 FinFlowz Profinch Solutions Helps banks with end-to-end branch automation -  branchless banking and agency banking.
        68 FinnOne Neo Nucleus Software Cloud-based loan servicing solution that manages end to end loan life cycles by streamlining all workflow operations.
        69 FinX Teknospire Digital banking platform that helps banks manage users/agents -  online payments -  transaction data -  and other financial services.
        70 Finxact Finxact Core-as-a-service banking system software backed by the American Banking Association and Suntrust.
        71 FIS Modern Banking FIS Cloud-native core banking platform designed with API-first functionality that puts you in control.
        72 FISA-System FISA Group For the automation of most of the process of a modern financial institution.
        73 FISCAL SPREADING FISCAL SPREADING Financial statement spreading and analysis for community banks and credit unions
        74 FMS.next PROFILE Digital Banking platform successfully addressing global Financial Institutions and FinTech needs
        75 FORPOST FORBIS Current commercial and organisational needs of a bank of any level and size.
        76 Franktek Microsystems Sacco Software Franktek Microsystems In Kenya is a complete solution for managing bank clients -  loans -  savings -  and shares.
        77 Fusion Essence Finastra Fully integrated cloud-based core banking solution -  creating the foundation for a digital future.
        78 G3 TrustQuay Private banking and investment management system designed for the needs of international private banks operating both on and off-shore.
        79 Holvi Holvi Modern financial service for the new wave of European entrepreneurs.
        80 I-Bank 4.0 Core Banking System Ocean Software Technologies Tools that help gain more control over every critical area of Banking & Finance.
        81 iBanking iCrats Core banking for banks -  NBFCs/FinTech companies -  co-operative banks -  Nidhi Companies -  and private banks.
        82 iCBS Virmati Software & Telecommunications iCBS is Centralized Core Platform for the Banks for Retail/Corporate/Government/Treasury Forex/Remittance & other business functions
        83 ICBS BML Istisharat ICBS Conventional & ICBS Islamic are Customer-Centric business oriented software covering Banks and Financial Institutions activities.
        84 ICS BANKS ICS Financial Systems A cloud-based management software -  delivering maximum value to customers -  staff and managers of banking clients of all sizes.
        85 iMAL Path Solutions Provider of Digital & Social Banking -  Mobility -  BA -  RM -  Compliance & AAOIFI-certified core banking software.
        86 IMEX Surecomp Trade Finance Banking System. Browser-based Thin Client solution in conformity with ICC regulations.
        87 Infocorp Web Banking Infocorp Group Omnichannel platform that centralizes all the banks channels -  and helps people love their bank.
        88 Interact ieDigital Online banking platform which enables interaction between back office and contact center through financial service providers.
        89 Ken-CBS Kensoft Infotech Integrated & comprehensive Enterprise ready banking software solution.
        90 Keybank KBS Solutions Integrated landing platform - encompassing accounting  - multi-currency and  - multi-branch capabilities.
        91 Kiya.ai infrasofttech AI-based Omnichannel and Open Banking solution
        92 Levenger 3Core Software Levy management software for financial service industry.
        93 LiveBank Ailleron An omnichannel platform for instant communication over chat -  video -  audio and social media -  optimizing remote advisory processes.
        94 Loan Performer Crystal Clear Software Software for microfinance organisations with 300 clients and 700 installed sites.
        95 Mambu Mambu A the leading SaaS banking engine powering innovative lending and deposits. A cloud-native solution driving open API-enabled architectures. Mambu helps clients to successfully start up new business ventures -  transform existing operations -  launch new products and expand into new markets.
        96 Matrix mid Five Degrees Solutions Modular banking platform that delivers a flexible -  customer-focused banking solution.
        97 MBanking MoadBus Mobile banking solution developed with international banks in mind -  supports multi currency and multiple languages.
        98 Metabanka Metada Multichannel banking product management platform for creating customer offers -  pricing -  rules & operations.
        99 miRevenue Zafin Labs Relationship banking solution to manage product lifecycle -  relationship-based pricing -  centralized billing -  loyalty management
        100 MOBIS Ensibuuko Technologies Cloud-based banking software with integrated 3rd party technologies -  accounting -  and SMS alerts.
        101 Moneyman Aceway Software Moneyman is cash management software for the small to medium business -  either through brokers/agents or direct.
        102 MULTIVERSA DXP - Digital experience and integration platform CoCoNet Solution for banks to create a future-proof digital platform to increase customer satisfaction and acquisitions.
        103 MyAzimia MyAzimia Cloud-based peer-to-peer microfinance software that helps manage loans -  customer database -  multiple currencies
        104 Naqoda Banking Platform Naqoda Provides a core banking platform that helps financial institutions automate business processes.
        105 nCino nCino Cloud banking system through its integrated CRM and loan lifecycle management.
        106 Neurona Axon V3 Neurona Software that works as a transactional switch specialized in managing electronic money transactions.
        107 NexorONE Banking Systems Serves a broad variety of financial entities such as: Online and Private Banks -  Credit Unions -  eWallets and Trusts & Asset Management Companies. NexorONE has already been deployed to more than 300 financial entities worldwide -  spread throughout 40 countries and in 16 languages. Features include a customizable responsive interface -  user groups and admin roles -  compliance rules (KYC -  AML -  etc.) -  API's and continuous updates.
        108 NGDATA Intelligent Engagement Platform NGDATA More than just a CDP -  NGDATA focuses on engagement-based outcomes -  that provide clients with the best results.
        109 Nidhi Company Software Adysoft Features for daily cash -  savings -  and loan accounts -  with module integrations for multi-branch -  multi-user -  etc
        110 Nidhi Software Hubco Technologies Managing FD - RD - Saving and all types of loans between customers and support Debit card -  IFSC - and more.
        111 NLS Banking Solutions NLS Banking Solutions Custom software and database development company delivering world-class services -  products and solutions for Banking Industry globally.
        112 Nordigen Nordigen Transaction data API (Open banking) analytics platform for building powerful applications and customer experiences.
        113 NovoDoba Abba Banking system that helps manage bank databases -  financial services -  and other operations across locations.
        114 Nymbus Core Banking Nymbus Enables financial institutions to de-risk their growth strategy and future-proof their adaptability.
        115 Odessa Platform Odessa Browser-based lease and loan management system designed to support the entire lifecycle of leases -  loans and assets.
        116 Odin COLD Integrated Financial Systems COLD/ERM -  Remote Check Item Capture -  Low Cost Document Imaging Solutions for the Financial Industry.
        117 Ohpen Ohpen Modular core banking platform that streamlines fund management -  CRM -  administration of savings and investment accounts.
        118 OLYMPIC Banking System ERI Banking information system that incorporates front and back office -  monitoring tools -  and a communication system.
        119 Omnichannel Digital Banking Platform ModeFinServer Helps banks in delivering seamless digital experiences across devices to their customers.
        120 Open Banking Platform Portfolio+ Banking platform that connects financial services technology to help clients be in control of their financial data.
        121 Open Source Loan Origination System DigiFi Loan origination tool to automate lending process by managing documentation -  application processing -  customer support -  e-sign & more.
        122 OpenCBS Open Octopus On-premise and cloud-based solution that enables businesses to streamline processes related to document tracking -  accounting
        123 Paynote Paynote Bank-to-bank payments platform targeted at freelancers and agencies.
        124 Payveris Payveris Open API -  cloud-based MoveMoney Platform enables financial institutions to control -  simplify and extend digital payments.
        125 PayX HBS Technologies Multi-agent -  multi-channel -  multi-currency -  and multi-lingual transactions processing software for the financial sector.
        126 Productfy Productfy SaaS platform to build and integrate Fintech applications or add banking services quickly -  securely and cost-effectively.
        127 Q2 Platform Q2 Software Software that helps community banks -  regional banks -  and credit unions deliver mobile enrollment and online banking services.
        128 Q4 Wealth Management System Quantifacts Trust fee modeling -  analysis -  optimization and reporting for trust banks.
        129 RegAdvisorPro Continuity Provider of RegTech solutions that automate compliance management for financial institutions of all sizes.
        130 Rockall Rockall Transforming collateral management
        131 Rubikon Neptune Software Group Banking solution with modular components offering scalablity -  performance and fast implementation.
        132 SAFI Banking EFISYS Online banking platform offering electronic transactions and mobile tools.
        133 SDK.finance Digital Retail Bank SDK.finance SDK.finance Digital Retail Bank Future-proof Core Banking Platform
        134 SecurePaymentz SecurePaymentz Cloud-based banking system to streamline banking and transactions and administer affiliate and bitcoin system .
        135 Siena eTrader Eurobase International Multi-asset -  multi-venue electronic trading system that provides limit order management -  pre and post trade processing.
        136 SMART System Advanced Financial Technologies All-in-one underwriting and pricing software solution for mortgage bankers -  banks and lenders.
        137 SmartAnalysis Trintech Bank statement analysis tool
        138 SNL Banker SNL Financial Internal banking reporting solution with proactive -  effective management of key performance indicators such as risk -  cash and growth.
        139 solarisBank solarisBank AG Enabling the business to offer financial services by building the own banking products with the API accessible banking platform
        140 Sopra Financing Platform Sopra Banking Software Provides banks and specialized lenders with an unrivaled solution for loan servicing.
        141 Sovereign Finzsoft Solutions Sovereign finance & banking software for lending/investments and automated loan origination.
        142 SpeciVim Specitec Banking systems management platform that provides KYC solutions through centralized client database -  onboarding
        143 SQN: Safe Deposit SQN Banking Systems Safe deposit management and fraud detection application with virtual safe box for easy document access and visitor logs functionality.
        144 Stacc Insight for retail and SMB STACC Module-based platform solution -  enabling financial advisors to give precise advice based on unique customers insigh
        145 StarCARDMAN HMA STARware Debit Card and ATM management solution for banks with high volume of transactions.
        146 Strands Finance Suite Strands Enable banks to offer personalized customer experiences and create new revenue streams.
        147 Symphony ALSEGO Banking Middleware: Reduce costs and automate the business processes.
        148 TCS BaNCS Tata Consultancy Services Solutions to manage treasury -  payment processing -  wealth portfolios -  loan origination -  and more.
        149 TellerGraph Castle Creative Services Manages bank branch staffing costs and improves customer service with advanced statistical modelling.
        150 Temenos Transact Temenos Group Cloud-based banking management tool that helps with transaction processing -  operational scalability -  product designing -  and more.
        151 Tipalti Tipalti Remits supplier payments on the behalf in 6 different payment methods (US ACH -  international ACH / eCheck -  wire transfers -  PayPal -  prepaid debit card -  paper check) and in 120+ currencies to over 190 countries. Tipalti also offers early payments seamlessly integrated into the process -  making it easy for suppliers to get paid early.
        152 Titan Central Software Core Banking Systems with modular components providing a comprehensive banking solution.
        153 TLM Platform SmartStream Technologies Transaction lifecycle management solution that enables businesses to manage liquidity -  collaterals -  reconciliations -
        154 TOPAZ Banking Stefanini Modular system that supports institutions of varying capacities and complexity.
        155 Trade360 CGI Group Global trade platform that offers corporate portal -  cash management -  payables -  and receivables functionality.
        156 Treasury Prime Treasury Prime Helps banks and fintech companies expand their services.
        157 TrustBankCBS Trust Group Browser-based solution with core banking -  e-banking -  and branchless banking capabilities.
        158 Ultimate Digital Banking Solution Alkami Technology Software to analyze account data -  transfer funds -  and make loan payments.
        159 union System Global Union System Global Core banking solution that helps with data migration scripts & blue print documentation.
        160 Union.core Union Financial Technologies Core Banking -  Credit Scoring and Digital Engagement. Combine for a full Bank In a Box solution.
        161 Unity Loan System Credex Systems Loan Processing System. Features: Application Processing; Calculation of interest -  insurance and fees
        162 Universa Smart Solution Integrated -  enterprise banking system.
        163 Vault Thought Machine Cloud-native -  core banking platform.
        164 Velmie Wallet Velmie End-to-end Mobile Banking and Wallet platform available as a White-Label Solution
        165 VeriBranch VeriPark Empowering bank tellers -  sellers and advisors to efficiently execute transactions
        166 Websoftex Core Banking Websoftex Software Solutions Web-based multi-branch application for managing back office needs of banks.
        167 WIREinfra Bankinfra Technology Automate wire transfer process. Features include ticket printing -  automated OFAC scanning -  etc.
        168 Xelerate SunTec Business Solutions Banking system that helps commercial/corporate banks manage invoices -  billing -  consolidated statements using drill-down functionality.
        169 zeb.control zeb Bank information system that addresses all aspects of modern bank management
        170

        Banking as a Service Providers

        Banking as a Service Providers in Europe that offer the core banking capabilities and the brand that faces the consumer can be different entities. For example, Grab, which began as a ride-hailing service in Singapore, has embedded payment services and its own wallet into its Uber-like app, so it now also provides e-commerce, mobile and point-of-sale payment services through an API-driven platform. For Grab, the Dutch payment company Adyen, with its own banking license, functions as the license holder.

         

        It has been projected that banking platform as a service currently produces $29 trillion in the e-commerce market and TPPs are producing solutions that offer customers more choice and greater convenience.

         

        This structure is useful for service providers that want to market themselves as being as similar as possible to a licensed bank, with comparable capabilities, offering equivalent services such as current accounts, savings facilities, and debit and credit cards. With BaaS, the payments company offers this range of services without actually having to hold a banking license itself. By engaging with a regulated bank via the BaaS platform, the payments company has the advantage of offering banking products to the public at a lower cost because it saves time and money by not having to obtain the necessary regulatory licenses required to offer certain banking products and services. It can also rely on the technology infrastructure of the bank which frees up time and cost for the payments company to focus on its business strategy.

         

        For banks, the benefit is that they can build relationships with the fintech sector, allowing for collaboration rather than competition. As well, by monetizing the banking as a service companies facility, fintech activity becomes a revenue source for the banks. Fintechs also have the flexibility to respond quickly to the changing needs of customers, and so collaboration with them allows banks to continue benefiting from mobility embedded in the platform.

         

        Banks have a high cost of maintaining compliance with regulation and despite spending billions, often do not build developer and brand-friendly APIs. It is this gap that the Banking as a Service providers fill. Some banks have already recognized the digitalization trends that have swept across the industry in recent years and as a result, will be better positioned to support TPPs than those that have stuck with more traditional systems and infrastructure, and so will be able to move into the BaaS arena more seamlessly.

         

        The benefit for end-customers is that they receive the best of both worlds: the convenience of financial services through an on-demand digital platform and the depth and robustness that come from a licensed, regulated banking institution.

         

        BaaS offers a radically different approach to financial services, that dismantles the traditional banking model and places its component pieces into the hands of a wider range of players.

         

        Third-Party Provider

        As a typical model, BaaS will involve a Third Party Provider (TPP) gaining access to a bank’s systems, which means the bank then allows the TPP to use its APIs to interact with customer data. Once the TPP gains access, it should be able to create and offer banking products and services using its systems. Some of the most important banking functionalities that can be made available to service providers include payments, back-office operations, risk management, compliance and customer service.

         

        There are three basic elements involved the banking as a service business model:
        Brand: The company providing the services embeds financial APIs into its customer offering;
        Service provider: The company that supplies modular financial services to brands as a service;
        License holder: Typically, a licensed bank that partners with service providers which in turn enables partner brands to provide compliant financial services.

        Banking as a Service vs Open Banking

        This has many similarities to the new form of finance management known as Open Banking, but there are distinct differences between the two. BaaS is primarily a platform that exists under the umbrella framework of Open Banking. Open Banking is focused on offering transparency to customers by providing them with information on the various features of different bank accounts and BaaS requires this structure in order to gain the trust and confidence of the customers. One primary difference between BaaS and Open Banking is that the latter’s customers are transacting directly with their own designated banks, whereas with BaaS platforms it is the service provider itself with which customers interact.

         

        Platform Banking:

        Until very recently, there was only a single general definition of what actually defines banking in terms of how it presents itself to the customers. People and companies dealt with physical banks through face-to-face interactions in bricks-and-mortar branches. Now, with the rapid growth of a new model of banking that is based on digital banking as a platform (baap) that interfaces through computers and mobile devices, there is a split, which can be phrased as comparing banking as a platform vs banking as a service.

         

        Platform Banking Defined:

        Platform banking can be described in terms of the relationship between the bank and the customer, where the bank ‘owns’ the customer and provides all the required services.

         

        Banking as a Platform

        The platform model is based on connection rather than control. Outside of banking, familiar companies like Airbnb and Uber use this to run scalable, cost-effective operations that connect consumers directly to the services they want.

        There is now a driving force that will make every bank, at least to some extent, require a platform model. Starting in 2018, the PSD2 regulations in Europe force banks to open their systems via interfaces for account information, services and transactions. Banks are becoming banking platforms by way of regulation, to which third-party companies have access.

         

        In banking as a platform (baap), the bank is seeking to provide services and experiences to its customers through a digital interface over the internet. By either designing and building suitable applications, or engaging third-party software and services technology firms, the bank will provide applications, servers, storage and networking to open its services via the internet.

         

        With digital banking as a platform (baap) , banks focus on their core functions, which are to deliver products, services and experiences while leveraging their infrastructure, platform and scale. The goal is to gain a foothold in the digital banking sector while reducing development time and cost, and to provide most products and services across a single portal for the customer.

         

        Probably the most advanced platform for the banks is the payments platform, which created a change in the way payments are made. It has been responsible for making payments cheap, real-time, fast, and simple enough to complete on a mobile device. Numerous examples of payments platforms abound, with the most prominent being PayPal, Square, and Apple Pay.

         

        Finding the best Banking as a Service platforms

        Any business that wants to introduce fintech products or services like online banking, credit financing, credit management and credit scoring, cash flow optimization, branded credit/debit cards etc. is facing the very expensive and lengthy process of creating all of these facilities from scratch, as well as getting the necessary regulatory approvals.

         

        By being able to choose from the best BaaS providers that offer premium Banking as a Service software, you will get everything prepared and ready to go. That’s why getting advice from the experienced banking consultants at Money-Gate can make the road smooth and fast, and save you time, effort and money.

        With our help, you could be providing complete fintech services for your customers in less than a month and at a small fraction of the costs of doing it yourself.

        The rapid development of BaaS platforms over the past few years has made the range of choices its own hurdle. This is where expert advice from our experienced team at Money-Gate can assist you. Before taking any chances, you should talk to us and find the one that best meets your needs.

        The best Banking as a Service platforms can open the doors for core banking software as a service to slot right into your company’s existing infrastructure. Cloud based core banking solutions let you deploy and manage the financial infrastructure without adding physical facilities like servers, firewalls or routers and without the need to set up additional security services. All of this is built right into the service provided by the cloud. Cloud core banking operations and financial services work with a seamless interface between your financial infrastructure and your selected bank or fintech company that gives you a way to integrate into their systems using a third-party BaaS app on your website.

         

        Banking as a Service needs to provide for a wide range of needs, including:

        Core banking services such as

        • Payments
        • Loans
        • Mortgages
        • Customer accounts access
        • Credit/debit cards, especially branded cards
          Know Your Customer and other regulatory compliance
          Credit scoring.
          Currency exchange services.

        When introducing BaaS systems, companies will integrate the financial infrastructure of providers into their business stream by integrating the APIs of their chosen provider.

        It’s essential for companies taking their first steps into BaaS to have experienced and expert advice. Our team of banking experts here at Money-Gate brings you more than 12 years of hands-on experience on behalf of corporate customers in the field of digital banking. Let us be your partners in choosing the right BaaS platform that meets your specific needs.

         

        Some of the best-known core Banking as a Service providers in European includes:

        SolarisBank – Europe’s largest BaaS platform provider, based in Germany. Provides digital banking services, branded debit & credit cards, consumer finance, KYC.

        Railsr – based in the UK. Provides the widest range of BaaS products through its Embedded Finance Platform. Facilities include Financial operations, Card program management & payment processing, Digital asset management, Settlement & clearing, and AML transaction monitoring.

        Treezor – based in France. It is already established as an EMI authorized by the French regulator to operate across the EU and is a principal member of the Mastercard network. Provides access to the entire payment chain via its BaaS API, from receiving to issuing payments.

        Bankable – based in the UK. Provides services like Virtual ledger manager (allows companies to improve cash management and reconciliation); Digital banking (IBAN accounts, payment cards; Payments through SEPA and SWIFT); Payment card API (offers a branded consumer card program conforming to PCI-DSS).

         

        FAQ
        What is the definition of core Banking as a Service?

        There is no single definition of what Banking as a Service (BaaS) is. The closest thing that can be applied is to describe what BaaS does. Banking as a Service is a type of “white-label banking” where a business enterprise can offer its customers the kinds of financial services usually associated with banks or financial institutions, solely by employing third-party facilities like back-end cloud-based computer services and applications.

         

        What does a core banking system do?

        A core banking system can be defined as the back-end system of a financial enterprise that processes transactions, updates customer’s accounts and interfaces with common inter-banking financial platforms like SWIFT and SECA for movement of funds between the enterprise and other financial institutions. Core banking systems should include shared capabilities for deposit, loan and credit processing and should interface with the company’s general to general accounting and reporting systems.

         

        What is a core banking system architecture diagram?

        Core banking system architecture is the basis of efficient cloud services and digital banking.

        The basic purpose of the architecture diagram is to provide the following basic abilities:

        • Operational Excellence
        • Security
        • Reliability
        • Performance Efficiency
        • Cost Optimization
        • Sustainability
        • Business Agility
        • Cost Reductions

        The architecture must support the financial institution’s critical banking processes like accounts, payments and credit/debit cards, and for processes like marketing, regulatory reporting and CRM.

         

        What is Banking as a Platform vs Banking as a Service?

        In Banking as a Platform (BaaP), the bank is providing services to its customers through a digital interface over the internet built on its own applications, servers, storage and networking. With digital BaaP, banks focus on their core functions, which are to deliver products, services and experiences while leveraging their infrastructure, platform and scale. The goal is to gain a share of the digital banking sector with reduced development time and cost, and to provide most products and services across a single portal for the customer.

        Banking as a Service (BaaS) is the plug-and-play banking equivalent to Software as a Service (SaaS) that enables users to access the bank’s financial services over the internet through the bank’s provision of their infrastructure via third-party service providers such as financial-technology firms (fintech), that are offering retail banking services, through the use of application programming interfaces (APIs).

        100 Largest Banks in Asia Pacific

        The Asia Pacific region (APAC) covers the largest global sector both in terms of geographic area and population. As well, it includes the two major countries that have displayed the fastest rate of economic growth over the past two decades, India and China. Consequently, the largest banks in Asia Pacific region also rank amongst the largest in the world.

        The perfect offshore package for you: offshore company + bank account

        Contact for more information

        WhatsApp or Telegram us: +972504938469, email us: [email protected]

          20 countries and territories are counted in the Asia Pacific region and taking the top 500 banks, they account for a combined $58.4 trillion in assets, $30.4 trillion in net loans, $40.5 trillion in deposits and $416 billion in net profit. Industrial and Commercial Bank of China remained the largest bank in the region.

           

          Chinese banks continue to dominate the list, with their total assets accounting for just more than 50% of the combined assets of the Asia Pacific bloc. The total number of Japanese banks has declined recently, with the drop partially attributable to regional bank mergers in Japan.

           

          The following table shows the total number of banks per country that rank within the 100 top banks in Asia Pacific.

          1. Australia – 5
          2. China – 32
          3. Hong Kong – 6
          1. India – 8
          2. Indonesia – 1
          3. Japan – 15
          1. Macau – 1
          2. Malaysia – 3
          3. New Zealand – 1
          1. Singapore – 3
          2. South Korea – 7
          3. Taiwan – 9
          4. Thailand – 5

          One way to compare the best banks in Asia Pacific is by market capitalization (with the condition that not all banks are listed for public trading, particularly in China where central ownership of the banks is the norm.

          Largest Banks in Asia Pacific

          Trying to predict the ranking of the top banks in Asia Pacific 2021 is complicated by the effects of the Covid-19 pandemic. This is especially the case for China because the actual degree of spread and effects is largely unknown. In all probability, the overall rankings will stay close to the above tables, since there are global effects that will affect each country equally. Having said that, there are strong indications that Australia and New Zealand have both performed exceptionally well with minimal infections and hospitalizations, so an uptick in their banks would not be unexpected.