Aion Bank and Vodeno offer Banking-as-a-Service, changing the financial distribution model

Aion Bank and Vodeno are among the first in Europe to offer modern Banking-as-a-Service solutions. Through collaboration, companies will be able to provide their business partners with financial products under their brand, m.in. own bank accounts, payment cards, loans or payments. Services are backed by Vodeno Cloud Platform, one of the most comprehensive cloud-based retail and business banking platforms.

Banking-as-a-Service is a new trend in global banking, which in Poland is still available on a small scale. However, a new model of financial distribution is already shaping the future of the industry. According to data, the global market generated $2.41 billion in 2020. and it is expected that by 2030. will reach USD 11.34 billion.

Banking-as-a-Service changes the way finance is distributed. In the past banks created products and sold them in their branches, today the same products are made available by companies unrelated to the banking industry, for example those operating in e-commerce. Modern mobile finance is redefining the concept of banking, which will increasingly take place in the background, while doing everyday things, says Karol Sadaj, Country Head of Aion Bank in Poland.

Thanks to ready-made API solutions, companies, including those –not previously associated with banking, can implement their own financial products into their internal ecosystem, e.g. Buy-Now-Pay-Later payments, loans, bank accounts or payment cards without having to apply for a banking license and go through a complicated regulatory process. Banking-as-a-Service provides an opportunity to offer financial services to its customers while enriching its core offering.

Banking-as-a-Service is especially important at a time when consumers are looking for a complete shopping experience in the internal environment of brands they trust. They want to go through the whole purchase process here and now, and our services are a bridge between financial expertise and companies, giving them the possibility to use ready-made products without entering into complex banking processes, says Krzysztof Czuba, Country Chief Officer of Vodeno.

In the practice of Banking-as-a-Service, the so called “Banking-as-a-Service”. “Background banking” allows businesses, regardless of industry, to launch new revenue streams. This is also to the benefit of customers, who receive access to financial services within a single purchasing process.