"Create and Consume value" - BaaP - Developers can extend platform functionality using APIs, while the platform itself manages data exchange and oversees authentication, as well as ensuring compliance.
Real time gross settlement systems (RTGS) are specialist funds transfer systems where transfer of money or securities takes place from one bank to another on a "real time" and on "gross" basis. It can be defined as the continuous (real-time) settlement of funds transfers individually on an order by order basis (without netting).
Real time gross settlement systems (RTGS) are specialist funds transfer systems where transfer of money or securities takes place from one bank to another on a "real time" and on "gross" basis. It can be defined as the continuous (real-time) settlement of funds transfers individually on an order by order basis (without netting).
The Indian post payment was setuped in 30 Jan 2016
Headquarter is situated in new Delhi
There was a plan to setup around 650 post payments bank branches
The banking and financial services industry is undergoing a period of unprecedented disruption, which is re-shaping the competitive landscape.
Criterium Group believes we’re experiencing a fundamental change in how people manage, save and spend their money –which means banks and credit unions will need to re-imagine how they deliver value to customers and members.
We’re experiencing a disintegration of the financial industry. But disruption is exciting, not scary. As our relationship with money evolves, there are endless opportunities to delight customers and deliver value. However, competing in a digital age takes a completely different approach.
Criterium Group has considered the changing landscape from a competitive, financial, technological and operational perspective to re-design the traditional banking business model to win in a digital world.
New and Beta banks, feature comparision by Stave Partners.
For more information and reports please visit:
www.stavepartners.com
For partnership:
info@stavepartners.com
Fintech and Transformation of the Financial Services IndustryRobin Teigland
Slides from our FinTech day as part of the Entrepreneurship & Innovation Concentration in the Stockholm School of Economics Exec MBA program in Stockholm, Sweden.
The Banking-as-a-Service 2.0 report is an in-depth analysis of the fast-evolving BaaS segment. In this report, we analyze the global landscape of specialized FinTech companies and banks that have BaaS as core to their business, funding and investment patterns since 2018, regulatory & market drivers, and a host of industry expert opinions.
The demand for embedded finance is rising and Banking as a Service (BaaS) with APIs and strong risk and compliance capability is offering bundled service, generally white-labeled or cobranded services for non banks to serve their customers.
The Indian post payment was setuped in 30 Jan 2016
Headquarter is situated in new Delhi
There was a plan to setup around 650 post payments bank branches
The banking and financial services industry is undergoing a period of unprecedented disruption, which is re-shaping the competitive landscape.
Criterium Group believes we’re experiencing a fundamental change in how people manage, save and spend their money –which means banks and credit unions will need to re-imagine how they deliver value to customers and members.
We’re experiencing a disintegration of the financial industry. But disruption is exciting, not scary. As our relationship with money evolves, there are endless opportunities to delight customers and deliver value. However, competing in a digital age takes a completely different approach.
Criterium Group has considered the changing landscape from a competitive, financial, technological and operational perspective to re-design the traditional banking business model to win in a digital world.
New and Beta banks, feature comparision by Stave Partners.
For more information and reports please visit:
www.stavepartners.com
For partnership:
info@stavepartners.com
Fintech and Transformation of the Financial Services IndustryRobin Teigland
Slides from our FinTech day as part of the Entrepreneurship & Innovation Concentration in the Stockholm School of Economics Exec MBA program in Stockholm, Sweden.
The Banking-as-a-Service 2.0 report is an in-depth analysis of the fast-evolving BaaS segment. In this report, we analyze the global landscape of specialized FinTech companies and banks that have BaaS as core to their business, funding and investment patterns since 2018, regulatory & market drivers, and a host of industry expert opinions.
The demand for embedded finance is rising and Banking as a Service (BaaS) with APIs and strong risk and compliance capability is offering bundled service, generally white-labeled or cobranded services for non banks to serve their customers.
How Banking as a Service Will Keep Banks Digitally Relevant and GrowingCognizant
To contend with insurgent competitors, regulatory mandates and demanding consumer requirements, banks must embrace open APIs that enable them to plug-and-play in the digital business ecosystem and reinforce their value proposition amid escalating share-of-wallet challenges.
Trends that will Impact the Fintech Realm in 2023Panamax, Inc
With the adoption of digital processes, the realm of fintech is set to evolve in the year 2023. The financial services industry and its ecosystem have developed, diversified, and grown more competitive during the last two years due to digital technologies that are upending traditional business models and specialized use cases.
BaaS-platforms and open APIs in fintech l bank-as-a-service.comVladislav Solodkiy
What is bank-as-a-service? And why it is so necessary for Asia-Pacific region? Download as pdf in English, Chinese, Korean and Japanese on www.bank-as-a-service.com. Read more on http://www.forbes.com/sites/vladislavsolodkiy/2016/08/03/what-asian-banks-can-learn-from-amazon-about-working-for-fintech/
How can banks benefit from enhancing the Third-Party Provider (TPP) services ...Anil
Enhancing Third-Party Provider (TPP) services via Open Platform Banking can offer several benefits to banks. Open banking refers to the practice of sharing financial information with third-party providers through Application Programming Interfaces (APIs). Here are some ways banks can benefit from enhancing TPP services via Open Platform Banking
How does Open Banking help Fintechs to fulfil customer expectations_.pdfAnil
Open Banking plays a crucial role in empowering FinTech companies to better fulfill customer expectations by fostering innovation, competition, and collaboration in the financial services sector. Here are several ways Open Banking benefits FinTechs and enhances the customer experience
Comprehensive Insights into Fintech Software Development.pdfSeasiaInfotech2
Seasia Infotech is a fintech software development company that allows financial institutions to offer their services more quickly and efficiently to customers in a progressively mobile and web-connected world. To learn more, visit our website today.
How would digital technology change the landscape of retail branch banking? Will the physical network disappear? Will robots replace human financial advisers? Will augmented reality become everyday life? This presentation looks at the value chain of branch banking and the relevance of five innovative technologies: Open API, artificial intelligence, RPA, augmented reality and blockchain.
Collaborate and Build Solutions for the Bank and Fintech Industry.pdfTechugo
Banks will be equipped with cutting-edge technology, including machine learning and artificial intelligence, to improve their services and meet customers’ changing needs. Given the optimism surrounding them, one can only imagine how such partnerships will pan out in the future.
MDEC Fintech Conference - A Look into Bank's Fintech Initiatives (RHB)iTrain
Check out the video of this presentation and the rest at www.itrain.com.my/fintech-bootcamp
Interested to get a fintech idea started but don't know how to start? Then join the FREE MDEC Fintech Masterclass on October 3-4. To enter just tell us about your Fintech idea!
Apply here: bit.ly/fintech-master
More information about the complete Fintech Bootcamp: www.itrain.com.my/fintech-bootcamp/
Fintech Software Development: A Comprehensive Guide in 2024SeasiaInfotech2
Welcome to our fintech software development guide. Emerging technologies allow financial institutions to offer their services more quickly and efficiently to customers in a progressively mobile and web-connected world. Check out our blog now to learn more.
Accelerating the Open Banking API JourneySheriff Shitu
A review of what Open Banking APIs seem like in the eyes of banks. The article looks at the reality of inherent challenges of opening up data and internal capabilities (technical, compliance, and business), presents possible learnings available from other industries, and suggests a roadmap for adoption of Open APIs through an analysis of patterns spotted at banks that have completed the Open Banking API journey.
apidays LIVE Hong Kong - Fast Track the Open Banking Ecosystem with Platform ...apidays
apidays LIVE Hong Kong - The Open API Economy: Finance-as-a-Service & API Ecosystems
Fast Track the Open Banking Ecosystem with Platform Business Model
Garry Sien, Principal Advisory Consultant at Alibaba Cloud International
Guide To Navigating Fintech Development Outsourcing.pdfJPLoft Solutions
As the fintech sector grows and businesses adopt increasingly advanced technologies and algorithms for their offerings, identifying an ideal person to work on a fintech project becomes one of the biggest problems for those who want to increase the speed of technology development or upgrade their existing technology.
A road map to further Internationalization of Higher Education in the UAE by incorporating the arabic culture so as to become an Education Hub in the GCC region..
International Marketing/Business Potential
An overview of India as it stands today and a snap shot of the "areas" of business potential that exists. Not here to promote “Brand India”. As a Case Study material - India would be a good example now for global MBA students in International Marketing. Venture Capitalists or the Crowd funding people can use this as initial information on the present day India.
Non Performing Assets in Banks - Causes and Management - with a check list for Bank Branch Managers/Lending/Credit Managers/Audit Managers/Special Accounts Department Managers
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
how can I sell my pi coins for cash in a pi APPDOT TECH
You can't sell your pi coins in the pi network app. because it is not listed yet on any exchange.
The only way you can sell is by trading your pi coins with an investor (a person looking forward to hold massive amounts of pi coins before mainnet launch) .
You don't need to meet the investor directly all the trades are done with a pi vendor/merchant (a person that buys the pi coins from miners and resell it to investors)
I Will leave The telegram contact of my personal pi vendor, if you are finding a legitimate one.
@Pi_vendor_247
#pi network
#pi coins
#money
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
2. The objective of this non technical presentation is to provide a bird eye
view of how new transformational and impact technology is influencing
all financial activities at a speed with reference to the banking sector.
The presentation is a wakeup call for Traditional Banking organizations
to imbibe new technology to make “customer service” a very top priority
going forward otherwise they could be left behind.
This presentation should also give new ideas to graduate students in
Commerce, Business Administration, Data Analytics, Market Research to
explore and seek new non technical employment with organizations in
the growing Fintech sector of Neo Bank, Payment Banks, BaaS and now
the BaaP sector which is growing fast and evolving at a rapid pace and
expanding across S E Asia as well as India.
There is a fundamental difference between BaaS and BaaP which will be
covered in the presentation.
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3. The origin of digitization in India goes back to Digital Financial
Inclusion (DFI) which is of the recent decade. It can broadly be
defined as digital access to and use of financial services by all
sections of the country's population including remote and rural
India. This initiative gave rise to Fintech activities as Payment
Banks, Mobile banking, Neo Banks, Challenge Banks, Banking as
a Service (BaaS) and now Banking as a Platform (BaaP) is coming
up at a pace. This will bring “customer service” to an entirely
new height across the country.
While today Traditional banks have worked hard to improve
customer service and experience both online and offline
transactions, any deficiency will be addressed by a BaaP
platform. This will be in a separate sophisticated playing ground
by addressing end-to-end customer needs (at the banking level)
and will be an embedded enabler.
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4. When we say, Banking as a Platform (BaaP), this essentially involves
software and technology providing companies. Such companies provide
servers, operating systems, development tools, applications,
middleware, virtualizations and networking capability to banks and non-
banking financial services providers.
What does the platform do at the bank level. It can be used to provide
customer solution, funded and non-funded banking products and
services and seamless and error free financial transaction experience to
the customers.
Why do the banks need this and how will help the banks. With BaaP,
banking and finance companies will have ample time at their disposal to
focus on their core competencies of timely product and service delivery
while leveraging the expertise provided by the third party software
companies including such aspects as infrastructure, functionality, scale
and a platform. By this way, banks will have a cost effective advantage in
development time and can provide customer service across a common
platform for most of banks products and services.
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5. In a non technical way, BaaP (Banking as a
Platform) is a rather new technological
innovation system in the financial services
space and may be described as an advanced
fintech ecosystem which will greatly directly
assist traditional banks and licensed financial
institution by connecting with them via APIs
by way of an end-to-end secured process.
The initiator of such a third party service will
be the banks.
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6. It removes many of the barriers that businesses
and customers have faced when trying to launch
or integrate financial products, including
complex regulation, slow-moving legacy
institutions. It means that financial services are
more open than ever before.
To remain competitive and improve their equity
and bottom line, traditional banks will do well by
collaborating with third party technology
providers into the BaaP space and related
infrastructure.
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7. Every decade has seen ongoing new innovation in the
banking sector for the benefit of its customers. This
decade we are into Fintech era.
Fintech - Financial technology (Fintech) is a new
technology that tries to improve and automate the
delivery and use of financial services.
A combination of finance and technology helps
consumers, businesses and companies to better
manage their timely financial operations by
depending on specialized software and algorithms
on computers, laptops, smart phones and mobiles.
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8. The origin of Fintech goes back to the late nineties with the
emergence of internet and e-commerce. this activity saw rapid
growth initially as a backend system for financial institutions in
order to digitize banking operation. Since the last 10 years now
fintech has shifted its focus to consumer oriented services to
manage their finances to be accessed via computers, smart
phones, etc.
Today it is used in various economic sectors as retail banking,
financial services for individuals, investments management,
fundraising, education sector. Crypto currencies like bitcoin are
also part of fintech development. When it comes to digital
banking services, tech savvy customers need speed, efficiency
and better user experience which is made possible by
integrating technology into banking products and services for
remote operations.
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9. An API is a connection between computers or between computer
programs. It is a type of software interface, offering a service to
other pieces of software. A document or standard that describes
how to build such a connection or interface is called an API
specification.
The term API may refer either to the specification or to the
implementation. In contrast to a user interface, which connects a
computer to a person, an application programming interface
connects computers or pieces of software to each other.
It is not intended to be used directly by a person other than a
computer programmer who is incorporating it into software. An
API is often made up of different parts which act as tools or
services that are available to the programmer.
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10. Traditional banks with a banking license have
always been known to do two main important
activities: take customer deposits and on lend
these deposits after keeping aside certain
percentage of funds with the country’s Central
Bank.
Banks offering financial products and services
undertake significant regulatory obligations. It is
a well known fact that Traditional Banks do face
ongoing technical challenges with cumbersome
and old proprietary software run by the legacy
institutions and have been slow to adopt Fintech.
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11. In simple words, "a platform infrastructure" for any
financial transactions would essentially mean a plug and
play approach and standards. This is today enabling
technology developers to build new, cost effective
innovative banking products and services for the end
users. This entails managing exchange of data, keep a tab
on authentication and authorization of any banking
transaction and also ensuring compliance, governance
issues with regulatory authorities and institutions.
Also coordination with network operators and the
country's Central Banking guidelines are also part of the
platform activities. Today for traditional banks to beat
competition and survive they should be able to assimilate
a platform strategy and infact build their own platform.
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12. Many traditional banks in the West have
already started establishing a Fintech division
(as part of their Information Technology
division) to develop software solutions for
such platforms. The current banking market
place has witnessed a drastic change in
consumer profile as new entrants (Fintech ) in
the banking activities are promoting both
online deposits and lending activities, etc.
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13. Platform banking is quite the opposite of BaaS and open banking. In this
case, the bank do not share its infrastructure but integrates other firms’
services in its own app. The traditional bank model is rather outdated
now. It is inferior to advanced fintech services in terms of innovation and
a variety of in-app perks. There is a risk for traditional banks in losing
customers if they do not invest in technology and adopt external tools to
enhance their offerings..
Examples of platform banking via Smartphone:
Buying tickets for a bus, train, plane
Buying tickets for various events (concerts, sports matches, etc.)
Online games payments
Charitable contributions
Gift certificates
Availing short term loans
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14. Those banks who wish to remain competitive are adapting BaaP
to effectively redefine their own business by embracing
innovation from outsiders via open interfaces, collaborative
business models, and via modern applications providers. This is
going to be the road map to reconfigure obsolete financial
services system.
The banks now wish to tap the ever growing new generations of
users who are mobile savvy, socially-engaged and desire timely,
superior, error free financial tools. Small and large businesses
demanding scalable and more accessible banking services. Well
heeled customers as well as the poorer section of the society
equally deserve access to necessary financial products. The
platform based business model will take hold of the digital
economy and banks do not wish to be left behind.
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15. Open banking is the system of allowing access and control of
consumer banking and financial accounts through third-party
applications. Open banking has the potential to reshape the
competitive landscape and consumer experience of
the banking industry.
Open banking functions through APIs. API-banking is a technology
service provided by banks to all third-party firms, provided they
meet the banks’ standards and guidelines. APIs for open banking
platforms are tailor-made and restricted to a fintechs that form
partnerships with banks.
Open Banking APIs increase the appeal of a bank and enable them to
meet the changing demands of existing customers as well as appeal
to prospective customers. These APIs can also serve as a unique way
to increase customer engagement and attend to customer needs in a
secure, agile, and future-proof method. Open banking will become a
major source of innovation that is poised to reshape the banking
industry.
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16. Baas - A simple definition could be that BaaS (Banking as a
Service) is a type of white label banking in which a bank makes
its banking products and processes available to third parties who
may not be necessarily regulated under banking laws. These
third parties build their own products, based on APIs for
customers based on this background.
BaaP – (Banking as a Platform) Here Banks bring their own
banking products into third party processes / interfaces. This is
also API based. However, the bank itself remains a visible
product supplier and uses the third party more as a further
distribution channel. In a BaaP situation, a front-end provider
(licensed or unlicensed) aggregates different financial products
from different providers onto one platform.
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17. It cannot be generalised as both platforms are very superior. It basically
depends on the banks as to which system works best for them.
BaaP - As stated in the earlier slide, in the BaaP model, the bank itself
becomes a core platform owner and third parties (fintech companies)
build apps and functionalities on this platform. So effectively, the bank
consumes the APIs and open data of the third party service provider. By
using such an arrangement, banks will be able to expand their business
at a good pace with new services or find new markets a kind of a
symbiotic technology relationship.
BaaS - In the case of Banking as Service, here the banks functionality is
taken as a whole and this gets individually offered to no finance
companies. Here BaaS providers use application programming interfaces
(APIs) to provide connectivity with its users. Since the providing bank has
all of the regulatory permissions to offer banking services, BaaS users
can integrate them without having to go through regulatory issues
themselves. Here the non financial companies can build new products
using banking services of deposits, payments, forex, lending money
transfers, etc.
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18. Easy-to-integrate front ends and “plug and
play” connections,
FinTech integration,
Third party communication,
Data flow synchronisation at differing traffic
speeds,
Scalable open API platform,
Robust Business Process,
Personal Financial Management (PFM) tools,
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19. Today technology and advanced analytics has gone into all
industrial and service sectors and digitization has penetrated all
over the globe. Big tech and Fintech companies have entered the
banking sector across the globe at a fast pace thereby rendering
traditional banking systems obsolete.
Banks are thus forced to adopt digital banking technology in a
big way so as to stay in business. Thus, the importance of BaaP is
that it enables third party developers to build products and
services for banks clientele. Third parties can extend platform
functionality while the platform (belonging to the bank) itself
manages data exchange and oversees authentication. This will
help banks to tap new tech savvy and growing finance, money,
deposits and lending market.
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20. Mr. Nanjundaiya Ramesh Kumar, is a multilingual marketing expert with dual Master’s degrees
in Industrial Economics from Brussels University, Brussels, Belgium, and in Business
Administration from Boston University, Boston, US. He currently resides in Malleswaram,
Bengaluru, India.
A career International Banker with over three decades of work experience in well-known
International Banks in diverse countries as Greece, Belgium, UK, Egypt, UAE, Oman, Saudi
Arabia, and India. A widely travelled person across various continents and with a deep interest
in banking, fintech, communication, international trade, global culture and international
student mobility. His forte is franchise promotion and exploring and assisting in furthering
two-way bilateral relations and investment avenues. To this end, he has developed a global
mindset and specializes in driving economic change and social impact in this fast paced digital
economy by networking to build international collaborations and relationships.
He initiates sharing of best practices in commercialization of technologies, innovation, and
sustainable business ecosystem to foster entrepreneurship, new learnings in the local
community to bring in stakeholders together to facilitate business opportunities across
borders. Well versed with foreign delegation visits, organizing international seminars,
facilitating overseas business immersion, executive education & start-up programs, and also
delivering his thoughts as a Chief Guest speaker at various academic forums as well.
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