These brands are licensed as firms and permits them to integrate APIs in their operation for banking services.
Numerous brands are integrating financial services into their user experiences. Google Money and Apple Card are two examples which are making use of this opportunity. Since they do not have infrastructure for financial products, they are able to make better and more affordable ones.
There are certain regional differences regarding the manner in which banking as a service is provided in different areas. For example, in the United States, the Durbin amendment was enacted following the crisis in financial markets. This amendment governs how banks operate in America. This amendment allows small banks to charge merchants some small amounts of money per transaction. This allows stores to accept credit cards.
Currently, banks face the option of working with brands or construct their banking as a service. Many banks have already made use of this chance that allows them to deliver the most disruptive service. nwnuqespkv.