Equals Money, a payments solutions provider, declared its expansion into Banking-as-a-Service (BaaS) during the Money20/20 Europe event. This move aims to broaden its product range, reflecting the company's focus on offering financial solutions across various sectors.
Payment Solutions with BaaS Rollout
With this new offering, Equals Money customers gain the capability to furnish payment and card products to their clientele without undergoing the prolonged process of acquiring regulatory licenses.
The introduction of BaaS is anticipated to create fresh revenue streams for Equals Money clients and expedite their market entry. By utilizing Equals Money's API, Cards-as-a-Service (CaaS), and Payments-as-a-Service (PaaS) products, businesses can swiftly roll out custom-branded cards, facilitate global payments, and administer multi-currency accounts for their customers. These services retain the advantages of a standard Equals Money payment account.
James Simcox, Equals Group Chief Product Officer & Managing Director - International, said: “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."
Attracting Industry Interest
The development has garnered market attention, notably attracting initial users such as CASHét, a US-based film services payments provider, and Chorus TM, a global treasury management solution specializing in the music and entertainment industry.
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.”
