Payments as a Service (PaaS) is one option being eyed by institutions to address these challenges quickly and seamlessly.
As smaller banks continue to develop and cement their position in the banking sector, they often rely on the expertise of third parties by outsourcing the processing of payments and offering other PaaS-powered solutions to their customer base. As PaaS can only be offered by regulated institutions, larger banks are seizing the opportunity to support these smaller banks, by extending their PaaS solutions to smaller banking counterparts.
Tier one banks already provide PaaS to other banks through correspondent banking, but many bigger banks will need to undergo transformation in order to offer PaaS to other banks in a holistic, consumable way. In terms of finding reliable partners in an unstable financial environment, big banks are uniquely positioned to offer PaaS to tier three banks.
Sign up for this Finextra webinar, hosted in association with Icon Solutions, to join our panel of industry experts as they discuss the following areas:
- What digital transformations will tier one banks undergo to implement PaaS in a consumable way?
- Why is outsourcing PaaS to smaller banks attractive both to the smaller bank and the larger institution?
- How can this partnership benefit customers? What does it mean for customer service?
- How should correspondent banking be reassessed for this transition?
- How does regulation come into play when outsourcing PaaS?