RailsBank, a fintech startup led serial entrepreneur Nigel Verdon that promises to provide access to global banking services with 5 lines of code, has signed its first banking partner and released its API to the global developer community.
RailsBank says it will enable banks to digitally deliver the services fintech companies desperately need at a low cost; and with a lower compliance risk as conformance with anti-money laundering rules is designed into the platform.
Customers will have access to a core digital ledger banking platform and a complete range of ‘Product Rails’, including Iban creation, issuing cards, sending, receiving and converting money, and accessing credit, provided by financial service partners.
Arkéa Banking Services, a subsidiary of Credit Mutuel Arkéa, has signed up to be first on the platform to deliver Sepa payment services and Ibans across Europe
Nigel Verdon, co-founder & CEO, Railsbank, says: “Our platform massively reduces the time, cost and complexity of connecting to and managing, multiple financial service providers and their legacy technologies as well as enabling both parties to have a trusted compliance relationship”.
Credit Mutuel Arkéa earlier this month took a 19.5% stake in buy-side software house Vermeg as part of a three-year strategic plan to grow its business in the provision of third party services.
Christophe Bitner, president of the executive board of Arkéa Banking Services comments: “As a pioneer in white-label banking services, we are thrilled to onboard new fintech companies via the Railsbank solution. The cooperation between Arkéa Banking Services and Railsbank is fully in accordance with the B2B development strategy of the Group Crédit Mutuel Arkéa in Europe."
RailsBank is joining a range of other platforms offering similar plug-and-play bundles to startup businesses, including Germany's solarisBank and Sutor Bank, IbanFirst, and UK-based current account challenger U.