Ohpen and Virtual Affairs are partnering – highlighting benefits of the Banking-as-a-Service model.
Under open banking, banks open their APIs and allow third parties to access data to enhance their own services. Payment Services Directive 2 and other open banking regulations in Europe have forced many legacy banks to comply and authorize third-party providers to access customer-permitted data.
These regulations have caused tech-savvy legacy banks to turn to the BaaS business model to get ahead of fintech disruption. By offering BaaS, banks effectively turn fintechs into customers rather than just competitors, positioning themselves ahead in open banking to unlock more revenue. Fintechs also won't have to build products from scratch, and can instead mix and match solutions from BaaS providers' platforms to create their digital propositions.
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