Key Challenges Prevalent in Traditional Payments Ecosystem with Banking-as-a-Service
by
FM
B4B Payments' Brian Lawlor addressed six key challenges of traditional payments.
The As-a-Service model has significantly shifted how services are delivered and consumed. Banking as a service enables businesses in different growth stages to integrate banking services directly into their systems, making transactions and other banking activities more efficient and user-friendly.
At the 2023 Payments Innovation Forum Summit, recently held in London, Brian Lawlor, CCO of B4B Payments (pictured above), shared valuable insights and extensive experiences on 'The Need for BaaS in the Payments Ecosystem.'
Founded in 2006, B4B Payments enables businesses to integrate banking services directly into their systems, making transactions and other banking activities more efficient and user-friendly, allowing companies to create accounts, collect and hold funds and issue multiple VIBANS.
During Brian’s presentation, he addressed the six key challenges of traditional payments that B4B Payments is addressing with Banking-as-a-Service solutions, which include:
Access to Banking for Non-Banks: BaaS lowers the barriers to entry for non-banking businesses that want to offer financial services. Through partnerships with BaaS providers like B4B Payments, companies that do not have a banking licence can still provide their customers with banking services.
Agility and Speed: Traditional banking systems are often characterised by slow and cumbersome processes. BaaS, with its digital infrastructure, allows for much faster and more agile operations. The API integrations enable businesses to quickly implement banking services and adapt to market changes with minimal delay.
Customer Experience: The traditional banking experience could be better for customers who expect seamless and instant services. BaaS enhances the customer experience by integrating banking services directly into the platforms they already use, making banking more accessible and convenient.
Cost Reduction: Establishing and maintaining a traditional banking infrastructure is expensive. BaaS allows businesses to leverage the infrastructures of existing banks alongside the automation and digitisation of services, reducing operational costs.
Scalability: Traditional banking systems are not easily scalable. BaaS, with its modular approach, allows businesses to scale their operations efficiently. They can select and integrate the services they need and easily add or remove services as their requirements change.
Regulatory Compliance: Complying with the complex regulatory requirements in banking is a significant challenge. BaaS providers often handle compliance, reducing businesses' burden and ensuring services are provided within the regulatory framework.
“B4B Payments takes a different approach to diverse use cases of BaaS across industry segments beyond Fintech or E-commerce, Telecommunications, Travel and Hospitality, Healthcare and Entertainment,” said Brian Lawlor, CCO of B4B Payments.
For more information about B4B Payments Banking-as-a-Service solutions, learn more here.
The As-a-Service model has significantly shifted how services are delivered and consumed. Banking as a service enables businesses in different growth stages to integrate banking services directly into their systems, making transactions and other banking activities more efficient and user-friendly.
At the 2023 Payments Innovation Forum Summit, recently held in London, Brian Lawlor, CCO of B4B Payments (pictured above), shared valuable insights and extensive experiences on 'The Need for BaaS in the Payments Ecosystem.'
Founded in 2006, B4B Payments enables businesses to integrate banking services directly into their systems, making transactions and other banking activities more efficient and user-friendly, allowing companies to create accounts, collect and hold funds and issue multiple VIBANS.
During Brian’s presentation, he addressed the six key challenges of traditional payments that B4B Payments is addressing with Banking-as-a-Service solutions, which include:
Access to Banking for Non-Banks: BaaS lowers the barriers to entry for non-banking businesses that want to offer financial services. Through partnerships with BaaS providers like B4B Payments, companies that do not have a banking licence can still provide their customers with banking services.
Agility and Speed: Traditional banking systems are often characterised by slow and cumbersome processes. BaaS, with its digital infrastructure, allows for much faster and more agile operations. The API integrations enable businesses to quickly implement banking services and adapt to market changes with minimal delay.
Customer Experience: The traditional banking experience could be better for customers who expect seamless and instant services. BaaS enhances the customer experience by integrating banking services directly into the platforms they already use, making banking more accessible and convenient.
Cost Reduction: Establishing and maintaining a traditional banking infrastructure is expensive. BaaS allows businesses to leverage the infrastructures of existing banks alongside the automation and digitisation of services, reducing operational costs.
Scalability: Traditional banking systems are not easily scalable. BaaS, with its modular approach, allows businesses to scale their operations efficiently. They can select and integrate the services they need and easily add or remove services as their requirements change.
Regulatory Compliance: Complying with the complex regulatory requirements in banking is a significant challenge. BaaS providers often handle compliance, reducing businesses' burden and ensuring services are provided within the regulatory framework.
“B4B Payments takes a different approach to diverse use cases of BaaS across industry segments beyond Fintech or E-commerce, Telecommunications, Travel and Hospitality, Healthcare and Entertainment,” said Brian Lawlor, CCO of B4B Payments.
For more information about B4B Payments Banking-as-a-Service solutions, learn more here.
FunderPro Enhances Its Tech with Free Trials and Eases Firms’ Regulatory Compliance
Hannelé De Necker, CEO, IFX Brokers | FMAS:24
Hannelé De Necker, CEO, IFX Brokers | FMAS:24
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1 week to go until FMAS:24 kicks off and we couldn't skip our interviews with some of this year's sponsors 🤩 Starting off strong with Hannelé De Necker, CEO OF IFX Brokers.
See you there!
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
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FMAS:24 | Sneak Peak
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
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Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
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Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa