Monneo, the complete end to end payment ecosystem provider, is leading the way for Banking as a Service (BaaS) as it launches a new application programming interface (API).
Monneo’s BaaS partners and clients will be able to take advantage of the full spectrum of payments and transaction services, as well as benefiting from its entire digital banking infrastructure set out within Monneo’s international banking network, without integration or set up.
Fintechs and online businesses, that would like to offer banking services to customers via open banking platforms or payment service providers, can now partner with Monneo and access its extensive payment and banking network. The new API will allow almost instant access to all Monneo’s world leading services in a safe, secure and regulated platform.
This latest addition of BaaS to the Monneo portfolio means fintech companies, open banking platforms and payment service providers can now access the payment network of Monneo and provide to their customers a complete end-to-end payment ecosystem based on the company’s infrastructure.
Unlike many neo-banks or banking alternatives, Monneo offers a unique banking solution by providing access to multiple banks, IBANS and payment methods, all within one financial system.
Lili Metodieva, MD of Monneo says: “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.”
The announcement represents another major step in Monneo’s broader international expansion plans, which recently announced entry into the LatAm region, including the launch of its service in Brazil.
As a business, Monneo continues to connect thousands of online merchants to a network of EU and international banks, offering international payments in 134 different currencies and a range of leading cryptocurrencies.