Monneo, a facilitator of the payment infrastructure, is paving the road for Banking as a Service (BaaS) with the introduction of a revolutionary application programming interface (API). The full range of payments and transaction services, as well as Monneo’s comprehensive digital banking architecture, will be available to its BaaS collaborators and stakeholders without incorporation or set-up, and they may take advantage of Monneo’s global banking network.
FinTechs and online marketplaces can now collaborate with Monneo to gain entry to its broad payment and banking infrastructure and deliver banking services to consumers using open banking platforms or payment processors. The enhanced API will also provide nearly easy accessibility to each of Monneo’s industry-leading offerings on a secure, encrypted, and authorized platform.
Lili Metodieva, MD of Monneo, stated, “This is a major step forward for Monneo and means our partners can take advantage of the infrastructure Monneo has built over the past few years. Having our own API opens up the banking services we provide, which in turn, our partners can offer to their customers. Monneo is now able to fully integrate banking services for all its customers as an embedded finance digital banking provider. We will provide the API as a white-labelled service, allowing our partners to pass on the benefits directly to their customers, strengthening their own financial payments ecosystem. For any business, being able to integrate BaaS is a no-brainer it saves time and money, not to mention having all the regulatory side of the banking processes set up, ready to plug in. It has been such a difficult time for businesses, and with tough economic times ahead, integrations and embedded banking experiences that allow businesses to focus on what makes them money, rather than getting caught up in lengthy administrative and regulatory delays, is more important than ever. The Monneo brand continues to grow, and we are committed to providing the most complete end-to-end eCommerce payments ecosystem for merchants across the world.”
With the most recent addition of BaaS to the Monneo offering, FinTech firms, open banking platforms, and payment processors can now utilize the company’s infrastructure to offer their clients a full end-to-end payment ecosystem. By giving users access to numerous banks, IBANS, and payment options through a single financial system, Monneo offers a distinctive banking solution.
In Monneo’s larger international development plans, which have recently announced entry into the LatAm region, along with the debut of its business in Brazil.
Read: Banking as a Service- Extended Arms of Traditional Banking
