New banking solution for fintechs enters european market | Articles
Amsterdam, 28.01.2019 – Bankingblocks, an Amsterdam-based wholesale banking provider for fintech companies, launches across Europe. By integrating advanced core-banking technology with a wide range of banking products, Bankingblocks offers existing and new fintechs a solution that allows them to enter the market instantly. Now, fintech and payment companies can access an entire suite of banking, payment, compliance and technology services through a single contract. Bankingblocks was co-founded by BillPro’s former CEO, Daria Rippingale and Oonex co-founder, Fabien Boursin.
Bankingblocks offers a range of modular banking services, called “blocks”, which are accessible via a direct API connection and through full or partial white-labels. Fintechs, payment companies and corporate clients can pick, choose, mix and match the blocks that fit best with their business and their customers, and create their own, personalised “stack”.
Established businesses can connect more services to their existing offer, such as licensing and multi-currency banking, enabling them to add more global services to their customers and reduce costs, while remaining compliant. New players can create their own unique stack of banking and payment blocks “from scratch”, making it possible for them to launch fast.
After the new regulations – GDPR and PSD2 – came into effect, many fintechs were in need of licensing and compliance management to simply operate legally. Daria Rippingale, CEO & co-founder: “These new regulations are providing a fertile ground for fintechs to develop and for existing payment companies to transform, but traditional banking partners are often not able to meet their needs. After identifying this underserved corner of the market, we created Bankingblocks to provide a solution that allows them to provide extensive, customised and compliant solutions for their clients. We are very excited to launch a solution that can easily be customised, stacked and configured to suit the needs of starting and growing fintechs, regardless of their region or their licensing situation.”
IBANs, SWIFT & SEPA payments
Bankingblocks is a regulated payment institution, SEPA and SWIFT member and direct card-scheme acquirer. Whilst a number of virtual account offerings have entered the market, these are generally pooled ledger accounts, without true currency conversion or access to SWIFT. Bankingblocks offers real, connected IBANs in true multi-currency accounts connected to SWIFT and SEPA for international payments.
Throughout 2019, Bankingblocks will continue to expand its suite of financial products with new quarterly rollouts, adding to the existing product suite, which includes: real multi-currency IBANs, acquiring (Visa, MasterCard, Carte Bancaires, AMEX and JCB), card issuing, SEPA and SWIFT payments, alternative payment methods, compliance, onboarding management and more.