Starling Bank is expanding its banking-as-a-service and payment services offer to enable other companies to offer retail banking and make payments.
Organisations will be able to launch their own bank accounts and provide customers with payment services, such as debit cards, through Starling’s APIs.
Businesses can choose product features from Starling using its banking licence and, therefore, do not need to become a regulated entity.
The specialist bank’s banking-as-a-service clients include French challenger bank Ditto, the Department for Work and Pensions and savings and investment marketplace Raisin UK.
Starling has also announced that it is working with Instarem, Vitesse, Incuto and AccessPay as well as having strategic partnerships with Vocalink, CurrencyCloud, Form3, Railsbank and Bankable.
Anne Boden, chief executive at Starling Bank (pictured above), said: “The banking transformation has begun, we’re enabling customers to pick and choose the applications and services they need and how they use them.
“The API economy is far more important and relevant to banking than PSD2 and Open Banking.
“It is changing the rules of the game and does not need legislation for its survival or existence.”
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