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Next-gen core banking provider Yobota has announced its move into the Banking-as-a-Service (BaaS) market through a new partnership with Chetwood Financial.
BaaS describes a business model in which licensed banks grant companies access to their modular banking services, generally via application programming interfaces (APIs). This allows businesses to develop their own ﬁnancial offerings, such as lending and payment services, on top of the BaaS provider’s regulated infrastructure.
London-based Yobota has partnered with Chetwood to intermediate a version of the bank’s new BaaS offering. The technology vendor provides the core banking system (CBS) that enables businesses to embed lending and deposit products into their proposition, and thereby offer fully compliant ﬁnancial services to end-customers under Chetwood’s banking licence.
Yobota offers pre-packaged, regulatory compliant products and processes built on top of its cloud- native CBS and quant engine. It also provides an extensive suite of APIs required for integrated banking services.
By removing the operational concerns involved and managing the user experience, Yobota’s innovative BaaS offering reduces time to market for those without a banking license and infrastructure. Its ﬂexible architecture allows businesses to conﬁgure bespoke, intelligent, and scalable ﬁnancial products.
The vendor’s BaaS components include core banking provision, APIs that can be deployed against bank partners, regulatory coverage, white labelling, consultancy, and partnerships.
Ammar Akhtar, CEO of Yobota, said: “This move marks a signiﬁcant milestone in Yobota’s relatively short history, and we’re proud to have partnered with Chetwood at this critical stage in our journey.
“We entered the BaaS space knowing we had something unique to offer. By combining our innovative core banking platform and the proven foundation of our bank partners, businesses can quickly and efficiently build customised, secure and scalable ﬁnancial products.
“A cloud-based, modular, and API-driven approach to architecture is fundamental to delivering BaaS, and at Yobota we have kept these requirements sacred in the creation of our platform. Our team of developers can oversee the technical challenges involved in bringing new offerings to life, while our ﬁnancial expertise means our platform meets strict compliance and ongoing regulatory requirements.”
Andy Mielczarek, Founder and CEO of Chetwood Financial, said: “Chetwood is proud to be opening our banking systems to third parties who want to create better end-to-end journeys for their customers. Together with experienced partners like Yobota, we are able to handle both the regulatory and technological complexities involved in helping brands embed ﬁnancial services directly into their propositions.”
Ammar and Andy will be attending the AltFi Lending Forum on 4th November 2021, hosting a fireside chat to discuss ‘Banking as a Service… and a Solution’.