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June 29, 2022
Finance Technologies

Banking’s long road to BaaS

I first pushed the idea of franchising banks in 1995 and I’m sure someone else in banking would have had similar thoughts before me. The pitch was simple, the big four banks have huge IT capability why not leverage other brands customer base so they can provide “white labelled” banking. A few years later RBS tied up a deal with Tesco to provide banking through the retailers’ customer base and stores. However the term Banking-as-a-Service (BaaS) was arguably first coined by Chris Skinner in 2009 and he identified that banks could provide smaller services like international transfers or cheque processing:…
Banking’s long road to BaaS

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