Intellect Global Transaction Banking (iGTB), the transaction banking and technology specialist from Chennai-based Intellect Design Arena, has launched Banking-as-a-Service for their global clients.
Traditional commercial banks have been facing increasing competition from various quarters such as neo banks, fintechs — to name a few — that provide great customer experience, reliable money movement, and attractive pricing. BaaS — the ability of banks to embed financial products & services directly within their clients’ ecosystem as they serve their customers — is generating interest as it opens up exciting new segments and indirect channels.
In the US alone, the transaction value offered via BaaS/embedded finance is expected to grow nearly three fold to about $7 trillion by 2026, as per a research paper produced by a leading analyst firm, the company said in a communication to the Bombay Stock Exchange..
iGTB’s BaaS offering comprises three products in alignment with popular Embedded Banking models — Direct Embedding (into B2B, B2C marketplaces and e-commerce platforms); white labelling (to distribute banking services via fintechs or aggregators) and enabling non-banks (to operate like a bank), the company said.