The aim of banking as a service (BaaS) is to develop modular banking solutions to enable corporates, fintechs and banks to react new challenges as they arise – regulation or competition being two of them.

Eric Mouilleron, CEO and Founder, Bankable

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Banking as a service: modular banking for incumbent banks

The aim of banking as a service (BaaS) is to develop modular banking solutions to enable corporates, fintechs and banks to react new challenges as they arise – regulation or competition being two of them.

 

Predictably with thousands of legacy IT systems to work with, only half of incumbent banks complied with by the January 2018 European Payment Services Directive 2 (PSD2) and the UK’s equivalent Open Banking regulation as of mid-March. As the September 13 2019 deadline is fast approaching, instead of focusing on buying out a solution, Bankable CEO and banking-as-a-service pioneer Eric Mouilleron, encourages banks to partner with BaaS fintechs as it enables faster compliance at a lower cost. Going a step further, he encourages banks to view the regulation as a business opportunity to evolve in an innovative digital way, as ABN AMRO did with its digital unit Moneyou.

 

In the spring of 2016, Mouilleron spoke on a panel at the European Fintech Awards, catching the attention of ABN AMRO’s head of innovation. Moneyou, in the process of expanding, had already shortlisted six candidates out of 100 to build the infrastructure. Bankable became the seventh, and six months after signing the contract, Moneyou was leveraging Bankable’s multi-wallet and multi-card technology to launch a full digital bank in the Netherlands and Germany.

"The flexibility of Bankable’s banking-as-a-service platform allowed us to go to market faster than opting for bespoke development, with on premises integration. It also prevents any future legacy issues thanks to its open evolution capability."

Liesbeth Rigter, CEO, ABN/AMRO Moneyou

Rather than foster one-way client relationships, Mouilleron champions strong, lasting partnerships. Not only did ABN AMRO Moneyou become a client, the group also became a net promoter of Bankable, making itself available to meet other potential clients to describe the highly positive impact on their business of their collaboration with Bankable.

 

Bankable supports ambitious business cases thanks to its curated partners’ ecosystem. Clients are able to orchestrate payments seamlessly, tapping into cross-border payment systems as well as card issuing, FX and lending solutions. Bankable’s platform enables innovation without disruption to existing systems.


 

Get in touch with Bankable to kickstart your digital banking journey!

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