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 accounts 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.
Bankingblocks offers purpose-built financial solutions for fintech and payment companies, which they, in turn, can offer to their customers. These services range from acquiring, alternative payments and banking services (IBAN) to foreign exchange, clearing, card issuing and everything in between. Bankingblocks uses “blocks” that their partners can select, arrange and connect to, in whatever configuration they need. With these blocks, fintechs and payment companies can grow their own business and success, block by block. Bankingblocks’ partners have direct access to products and services, like the integrated core banking platform, front-end banking and acquiring gateway services, to name a few. However, partners can also choose partial or full white-labels if they are so inclined. Bankingblocks has combined the traditional European PI, agency banking and acquiring licenses groups to create a stand-alone modular banking service for the fintech industry.
Bankingblocks will continue to expand its suite of financial products with new quarterly rollouts, adding to the existing product suite. These rollouts will include (but will not be limited to): real multi-currency IBANs (28 currencies), acquiring (Visa, MasterCard, Carte Bancaires, AMEX and JCB), card issuing, SEPA and SWIFT payments, alternative payment methods, compliance and onboarding management.