Digidoe, the UK-headquartered Fintech firm that aims to streamline the global payments infrastructure, has introduced a fast Banking as a Service (BaaS) solution which enables businesses to launch a new virtual bank within 72 hours.
The secure Cloud-powered API and white-label service opens the door to more flexible UK Open Banking’ for challenger firms looking to join the sector.
Developed from scratch, DigiDoe’s payments system reduces fraud, lowers fees and overall costs for merchants, and supports low-cost, hassle-free transactions.
The BaaS service leverages DigiDoe’s patented tech and comes with embedded proprietary anti-money laundering (AML) and fraud prevention mechanisms. It provides onboarding of business and corporate customers, GBP bank accounts, transaction monitoring, and local and cross-border payments in multiple currencies through a single API.
The London-headquartered firm is authorized by the Financial Conduct Authority (FCA) as an electronic money institution (EMI).
Pavel Guzminov, founder and CEO of DigiDoe, stated:
“Our extra-fast solution, which cuts fraud and costs, could help the right, innovative, business to create a new Monzo or Starling-type challenger bank. With DigiDoe’s help, a financial service provider can be established in a matter of days, not weeks or months. Anyone keen to become the founder of a brand new challenger bank, should get in touch with DigiDoe.”
Guzminov added:
“What’s more, if businesses don’t yet have an FCA licence, then we have the answer too. They can become a DigiDoe Agent for a faster and more cost-effective route to market.”
DigiDoe’s all-in-one solution provides fully integrated open APIs allowing complete flexibility for companies to grow and scale their financial services. It also provides a pioneering AML and fraud prevention solution for banks, challenger banks, and Fintechs.
DigiDoe has patented multi-factor biometrics-based user authentication tech which leverages the latest tech and biometrics advances such as secure channel “signatures”.
As noted by DigiDoe’s management:
“Our Mission is to accelerate economies worldwide and create financial inclusion for everyone by transforming payments. Our Vision is to bring technical breakthroughs in payments infrastructure to make it more secure, faster and affordable on a global scale.”