Equals Money launches BaaS at Money2020 in Amsterdam

Equals Money, a payments solutions provider, introduced its latest offering, Banking-as-a-Service (BaaS), during the Money2020 event in Amsterdam. This new product line aims to enhance the corporate landscape by allowing businesses to provide digital payment and card solutions while utilising Equals Money's established infrastructure.

The BaaS solution is designed to help companies offer their customers payment services and card products without the daunting task of acquiring necessary regulatory licenses. By leveraging Equals Money's existing technology, businesses can significantly reduce the timeline for bringing their products to market, unlocking new revenue streams.

The newly launched service enables the deployment of customised branded cards, global payments, and multi-currency accounts for customers, incorporating the full suite of Equals Money's API, Cards-as-a-Service (CaaS), and Payments-as-a-Service (PaaS) offerings. This initiative introduces innovation and ensures all the conventional benefits of an Equals Money payment account.

The BaaS product has attracted interest, with two clients, CASHt and Chorus TM, adopting the service. CASHt is a US-based film services payments provider, whereas Chorus TM is a global treasury management company catering to the music and entertainment sectors.

James Simcox, Equals Group Chief Product Officer and Managing Director, International, expressed enthusiasm about the expanded product range: "We are excited to introduce Banking as a Service. Businesses can now become banking providers with minimal effort due to the infrastructure already established by Equals Money. This development enables us to offer more value to our clients by seamlessly integrating tailored financial solutions into their operations. The positive response from our stealth mode clients, CASHt and Chorus TM, is promising, and we look forward to supporting more businesses with our innovative financial services."

Adding to the sentiment, Simon Liddell, Co-Founder of Chorus TM, commented: "This represents a significant leap forward for our industry in terms of the products we can now offer. Leveraging Equals Money's technology and expertise allows the Chorus TM platform to be cutting-edge. We aim to provide the perfect solution and save money for our entertainment clients, making the lives of the teams behind them easier."

Paul Rogers, COO and President of CASHt, also shared his thoughts: "We have successfully captured the business for film and TV production in the US and Canada, becoming the partner of choice for major studios, streamers, and independent film/TV companies. We intend to replicate this success in the UK and Continental Europe. After thorough due diligence, we selected Equals Money as our partner, believing it will be a key driver for our business growth."

The launch of this BaaS platform comes at a time when businesses are increasingly seeking agile and efficient financial solutions. Equals Money's initiative is expected to attract more interest from companies looking to streamline their financial operations and expand their service offerings without navigating the complex regulatory landscape independently. To support the expansion of the BaaS product, Equals Money plans to bolster its team by recruiting specialist senior executives within the year.