Equals Money and Zūm Rails make BaaS plays

Equals Money, a payments provider for company expenses, has launched a Banking-as-a-Service product to helping businesses offer their own digital payment and card services.

The BaaS offering lets firms tap Equal Money’s infrastructure to roll out products without having to secure regulatory licenses.

The company says that by using its API and products, clients can power custom-branded cards, global payments, and multi-currency accounts for their customers, opening up new revenue streams.

CASHét, a US film services payments provider, and Chorus, a global treasury management solution for the music and entertainment sector, have signed on as early clients.

James Simcox, chief product officer and MD, international, Equals, says: “This move essentially means businesses can become a banking provider with just a few lines of code – thanks to the infrastructure already put in place by Equals Money.”

Separately, open banking and instant payments firm Zūm Rails has hired Credit Sesame’s Miro Pavletic for its own BaaS play.

The AI-powered BaaS platform will allows businesses to harness open banking to offer bank-like services directly to their customers.

Says Pavletic: “There is an immense market opportunity for non-banks to harness BaaS and accelerate their speed to market. Two major roadblocks currently standing in the way of implementation are regulators pushing back the goal post on open banking and the need for multiple vendors and resources.

“Our work will remove these roadblocks so that our clients can better personalize their experiences, deepen customer relationships, and accelerate their time to revenue.”