Monneo, the end-to-end payment ecosystem provider, claims that it’s leading the way for Banking as a Service (BaaS) as it introduces a new API.
Monneo’s BaaS partners and customers may take advantage of the complete range of payments and transaction services, and also benefit from its virtual banking infrastructure set out within Monneo’s global banking network, without requiring special integrations or set ups.
Fintech firms and online businesses that want to provide banking services to clients through Open Banking platforms or payment service providers may work with Monneo and access its payment and banking network. The API should enable near-instant access to Monneo’s services via a secure and regulated platform.
This addition of BaaS to the Monneo portfolio means Fintechs, open banking platforms and payment service providers may easily access the payment network of Monneo and offer clients a comprehensive payment ecosystem based on the firm’s infrastructure.
Unlike other neobanks or banking challengers, Monneo claims it provides a “unique” banking solution by offering access to several different banks, IBANS and payment methods within a single financial system.
Lili Metodieva, MD of Monneo said:
“This is a major step forward for Monneo and means our partners can take advantage of the infrastructure Monneo has built over the past few years. Having our own API opens up the banking services we provide, which in turn our partners can offer to their customers. Monneo is now able to fully integrate banking services for all its customers as an embedded finance digital banking provider. We will provide the API as a white labelled service, allowing our partners to pass on the benefits directly to their customers, strengthening their own financial payments ecosystem.”
“For any business, being able to integrate BaaS is a no-brainer – it saves time and money, not to mention having all the regulatory side of the banking processes set up, ready to plug in. It has been such a difficult time for businesses and with tough economic times ahead, integrations and embedded banking experiences that allow businesses to focus on what makes them money, rather than getting caught up in lengthy administrative and regulatory delays, is more important than ever.”
As noted in the update:
“The Monneo brand continues to grow, and we are committed to providing the most complete end-to-end eCommerce payments ecosystem for merchants across the world.”
The latest updated represents another key step in Monneo’s global expansion efforts. The firm has announced entry into the Latin American region, including the introduction of its service in Brazil.