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Payments General

BBVA launches BaaS platform in the US

Wednesday 17 October 2018 | 09:41 AM CET

BBVA has launched a full suite of Banking as a Service products in the US after its BBVA Open Platform program moved out of beta.

The move will see the bank offer a range of banking products and services to businesses who want to offer their customers financial products without taking on full banking themselves. BBVA’s Open Platform initiative enables third parties to integrate payments and complementary banking services into their own business models to create improved user experiences.

BBVA’s Banking as a Service solution uniquely allows companies to connect into a core digital banking platform, through which they can access APIs including the Move Money, Identity Verification, Account Origination, and Card Issuance services.

Following a six-month beta period, which has already seen businesses register their interest in working with BBVA, the service has now gone live more widely. In addition, the Open Platform team also operates a sandbox testing environment, where companies interested in developing solutions linked to banking’s open APIs can work through their proposal before they fully sign up for launch.

While in Europe the move towards open banking services has been driven by regulations like the Payment Services Directive 2 (PSD2), in the US it is expected to be company and consumer interest that pushes things forward.

 

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