Velmie launched its Business Banking Platform designed to help financial services providers and FinTechs broaden their product offerings.
The platform enables these companies to cater to business client needs, including corporate payroll, automatization of payments, invoice factoring, cryptocurrency payments and business deposits, the FinTech company said in a Thursday (Feb. 15) press release emailed to PYMNTS.
“Committed to addressing the financial challenges businesses face, our platform offers a seamless and customized solution,” Velmie CEO Slava Ivashkin said in the release. “It empowers FinTechs and banks to extend their reach with a comprehensive business banking solution, tailored for businesses of all sizes globally.”
The Velmie Business Banking Platform features a modular approach that allows each customer to customize and configure modules independently, according to the release.
The platform also can be expanded by integrating financial services from Velmie’s global partner ecosystem, the release said. With these integrations, the platform’s business banking services can be augmented with offerings like payments, cards, accounts, lending, foreign exchange, digital assets, know your customer and anti-money laundering.
This white-label solution is backed by Velmie’s integration and support, scalability, and compliance with industry regulations, per the report.
“This launch underscores our dedication to simplifying financial experiences and transforming the landscape of modern banking,” Ivashkin said in the release.
PYMNTS Intelligence found that 25% of bankers view Banking-as-a-Service (BaaS) technology solutions as a crucial opportunity to grow revenue.
While large financial institutions might develop in-house BaaS solutions, most businesses partner with technology providers to implement the BaaS features that meet their specific needs, according to the PYMNTS Intelligence study “How BaaS Can Help FIs Win More Customers.”
In another development in this space, core banking platform Tuum said Feb. 6 that it raised $26 million to expand to new parts of Europe. The Estonian company aims to target new territories in central and southern Europe and the Middle East, enhance its direct sales and marketing operations, and form new managed services relationships.
“Everyone knows that banks need to replace their aging core banking systems if they are going to successfully adapt their business models for digital banking,” Tuum CEO Myles Bertrand said when announcing the Series B funding round.
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