Banking
Equals Money announces innovative new “Banking-as-a-Service” product
Global Banking & Finance Review®
Company
Businesses will be empowered to offer digital payment and card solutions by leveraging the Equals Money infrastructure, opening new revenue streams
Equals Money, a leading payments solutions provider, announces at Money20/20 Europe, the expansion of its product line to include Banking-as-a-Service (BaaS). This innovative development underscores the commitment from Equals Money to provide comprehensive financial solutions to diverse industries, reinforcing its position as a market leader.
The roll-out of this new product will give Equals Money customers the ability to offer payment and card products to their end customers, without the lengthy process involved with acquiring appropriate regulatory licenses, by leveraging Equals Money’s established infrastructure.
The move will open new revenue streams for Equals Money customers and accelerate their go-to-market speed, by leveraging the Equals Money API, Cards-as-a-Service (CaaS) and Payments-as-a-Service (PaaS) products to power custom-branded cards, global payments, and multi-currency accounts for their customers – with all the existing benefits of a regular Equals Money payment account.
The introduction of BaaS marks a significant milestone for Equals Money, allowing businesses to integrate seamless, innovative payment solutions into their operations. This expansion has already shown interest from the market, with the first two Equals Money customers to use this service: CASHét, a renowned US film services payments provider, and Chorus TM, a global treasury management solution for the music and entertainment sector.
James Simcox, Equals Group Chief Product Officer & Managing Director – International, said:
“We are excited to expand our product offerings to include Banking as a Service. This move essentially means businesses can become a banking provider with just a few lines of code – thanks to the infrastructure already put in place by Equals Money.
“The development allows us to provide even more value to our clients by offering tailored banking solutions that integrate smoothly into their operations. The success we’ve seen with our stealth mode clients CASHét and Chorus TM is just the beginning, and we look forward to supporting more businesses with our innovative financial services.”
Simon Liddell, Co-Founder of Chorus TM, said:
“This represents a great step forward for our industry in the products we can now offer. The Chorus TM platform is cutting-edge, being powered by Equals Money allows us to leverage their technology and expertise. We share the same ambition, to provide the perfect solution and save money for our Entertainment clients whilst making the lives of the teams behind them easier.”
Paul Rogers, COO and President of CASHét, said:
“We have successfully captured the business for film and tv production in the US and Canada and have become the partner of choice of all the majors, streamers and the independent film/tv companies. We intend to replicate this in the UK and Continental Europe and we selected Equals to be our partner after a robust due diligence effort. We believe that Equals will prove to be a difference maker for our business growth.”
The commitment to expanding the roll-out of this product will be bolstered by the recruitment of specialist senior executives, expected later this year.
Banking-as-a-Service (BaaS) is a model that allows businesses to offer banking services through APIs, enabling them to provide financial products without needing their own banking license.
Digital payment solutions are electronic methods that facilitate transactions over the internet, allowing users to pay for goods and services using digital platforms.
Multi-currency accounts allow businesses and individuals to hold, manage, and transact in multiple currencies within a single account, facilitating international trade and travel.
A payment card is a plastic card issued by a financial institution that allows the cardholder to access their funds and make purchases electronically.
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