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Payments General

Starling Bank expands banking as-a-service and payment services offer

Thursday 11 October 2018 | 01:04 PM CET

Digital-only challenger bank Starling has announced that it will expand its banking-as-a-service and payment services offer.

These are two white label banking services offered in the UK allowing other entities to provide retail banking services and make payments. Current clients include Ditto, Raisin UK, and the Department for Work and Pensions.

Starling’s proprietary, cloud-based banking-as-a-service tech enables companies to launch their own bank accounts and provide customers with payment services such as debit cards.

By opening up its APIs in this way, Starling believes it is “spearheading a new movement,” where different businesses can develop and scale new financial products without the need for long development lead-times and complex legal arrangements.

The service is buffet-like where clients may select the verticals they want to offer. Everything falls under the Starling banking license.

In payments, by using Starling’s APIs clients can integrate into UK and European payment schemes to access faster payments.

Starling reports that it is already supporting several fintech companies and shares that it is working with InstaReM, Vitesse, Incuto and AccessPay and has a number of strategic partnerships with companies such as Vocalink, CurrencyCloud, Form3, Railsbank, and Bankable.

It is also working with FIS Global, the international provider of financial services technology and outsourcing services.

More: Link
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