Understanding Banking-as-a-Service (BaaS)

Alisa Tkach

Allow your business to grow rapidly by focusing on core offerings while BaaS providers handle the licensing and infrastructure required to seamlessly integrate these payments solutions.

Allow your business to grow rapidly by focusing on core offerings while BaaS providers handle the licensing and infrastructure required to seamlessly integrate these payments solutions.

The bureaucracy of traditional financial systems means that getting your business’s funds from A to B can require wading through swathes of red tape. Modern fintech companies have their hands full, handling licensing and compliance, on-ramping crypto, and off-ramping earned crypto to fiat.

Enter the Solution: BaaS

Banking-as-a-Service (BaaS) cuts through the red tape – allowing businesses to grow rapidly by focusing on core offerings while BaaS providers handle the licensing and infrastructure required to seamlessly integrate these payments solutions. 

How Does BaaS Work?

Mercuryo’s BaaS implementation provides businesses with the modular components to build a feature-rich, scalable and customisable financial solution for users.

The use of virtual IBANs, such as those provided by Mercuryo, are the key to enabling frictionless cross-border payments for fiat settlement and fiat-crypto transactions. BaaS users can generate their own unique IBANs in the name of owners or companies. 

By bypassing the need to open a business bank account and leveraging the Banking-as-a-Service providers’ host of EMI licences, companies can simplify their payments processing with a single API integration.

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What Are the Benefits of Banking-as-a-Service?

Beyond the time and cost savings afforded by Banking-as-a-Service technology, BaaS providers offer an array of complementary services to bolster businesses’ payments infrastructure. 

At Mercuryo, these include AML (anti-money laundering) and compliance monitoring, as well as security in the form of fraud monitoring and PCI-DSS standard card data storage. Additionally, Mercuryo provides expansive global coverage – currently spanning 135 countries, 33 supported fiat currencies, and a growing list of major cryptocurrencies.

If you’d like to streamline your payments solutions and focus on what really matters, learn more about Mercuryo’s Banking-as-a-Service offering here.

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