There are many brands that are currently incorporating this service in their offerings. These brands and businesses have been licensed and incorporate APIs into the operation to provide banking services.
Many brands are embedding financial services into their customers’ experience. A few of the companies who have seized this potential are Google money and Apple cards. Because they do not have infrastructure to create financial products, these companies are able to make better as well as more affordable versions.
There are regional variations with regards to how banking as a product is delivered in different areas. For instance, in United States, the Durbin amendment was approved following the financial crisis. The Durbin amendment governs how banking is conducted in America. Smaller banks may charge businesses a percentage for each transaction to enable shops to take payments.
Banks are currently faced with the choice of either partnering with brands or build their banks as a service. A few banks have already made use of this chance that allows them to deliver an innovative product. 6byczum8ba.