London, UK & Toronto, Canada – Equals Money, a payments provider specializing in company expenses, has introduced a Banking-as-a-Service (BaaS) product to help businesses offer their own digital payment and card services. This innovative BaaS solution allows firms to leverage Equals Money’s infrastructure to deploy products without needing regulatory licenses.
By integrating with Equals Money’s API, clients can offer custom-branded cards, global payments, and multi-currency accounts, unlocking new revenue streams. Early clients include CASHét, a US-based film services payments provider, and Chorus, a global treasury management solution for the music and entertainment sector.
James Simcox, Chief Product Officer and MD of International at Equals, explains, “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.”
In a parallel development, Zūm Rails, an open banking and instant payments firm, has appointed Miro Pavletic from Credit Sesame to spearhead its BaaS initiative. The AI-powered platform will enable businesses to offer bank-like services directly to their customers using open banking.
Pavletic states, “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.”