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Never heard the term " Banking as a Service"?

BaaS or Banking as a Service was conceived to be a brand new way of doing business for the banking industry, and something that has never been done before. It allows licensed banks to integrate all their core banking services into the products of other non-bank businesses, making it easier than ever before for non-banking institutions to conduct transactions and give customers access to their financial information.

Banking as a Service (Baas) is an on-demand service model that provides the services of holding money, remittance and payment processing. Baas allows financial institutions to leverage cloud technology and tap into third party vendors — the Asset Servicing Firms (ASFs) — to offer a suite of product offerings designed and tailored for different customer segments or address specific market opportunities.

encore 360, the flagship BaaS product from Sensei Technologies helps Banks to manage their Credit Business efficiently and at a far lower cost. With tools to service the needs of Lending, Collection , Payment and Audit , encore 360 is a go to tool for many banks and lending companies.