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Tell.money teams with Scallop to develop blockchain-based Banking-as-a-Service

Source: tell.money

tell.money announces a partnership with Scallop as it develops its blockchain-based banking-as-a-service platform that aims to bridge the gap between traditional finance and decentralised finance.

As an innovative fintech that provides rapidly deployable open banking services for account providers, tell.money has been selected by Scallop, the world's first regulated Decentralised Finance (Defi) banking application.

Scallop is the world’s first licensed secured infrastructure providing a suite of banking products to empower millions of retail and banking customers.

With Scallop, both retail and institutional investors can access the benefits of decentralised ecosystems using traditional bank accounts. To ensure PSD2 open banking compliance, tell.money has deployed its gateway service, which provides top-notch security and speed to the Scallop proposition.

Commenting on the partnership, David Monty, founder and CEO of tell.money stated that "Open banking compliance can be a challenging distraction for many fintech. We're very excited to be working with Scallop and are proud to be able to support them by entirely solving this challenge for them." He further added that their tell.gateway dedicated interface provides Scallop with a plug-and-play approach and an affordable SaaS pricing model. Monty expressed his enthusiasm for the partnership and looked forward to being a part of Scallop's ongoing success story.

According to Raj Bagadi, CEO of Scallop, tell.money's expertise in open banking compliance ensures that Scallop can focus on developing its platform without being bogged down by regulatory requirements. He added, "tell.money has provided us with the necessary tools to seamlessly integrate with traditional finance, and we're thrilled to be working with them as we continue to bridge the gap between traditional finance and Defi."

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