{"id":62694,"date":"2021-08-26T18:06:16","date_gmt":"2021-08-26T15:06:16","guid":{"rendered":"https:\/\/www.altoros.com\/blog\/?p=62694"},"modified":"2021-08-26T21:37:42","modified_gmt":"2021-08-26T18:37:42","slug":"technical-challenges-to-address-when-integrating-banking-as-a-service","status":"publish","type":"post","link":"https:\/\/www.altoros.com\/blog\/technical-challenges-to-address-when-integrating-banking-as-a-service\/","title":{"rendered":"Technical Challenges to Address When Integrating Banking as a Service"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_79_2 counter-hierarchy ez-toc-counter ez-toc-transparent ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.altoros.com\/blog\/technical-challenges-to-address-when-integrating-banking-as-a-service\/#Nurturing_customer_loyalty_with_banking_services\" >Nurturing customer loyalty with banking services<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.altoros.com\/blog\/technical-challenges-to-address-when-integrating-banking-as-a-service\/#What_is_banking_as_a_service\" >What is banking as a service?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.altoros.com\/blog\/technical-challenges-to-address-when-integrating-banking-as-a-service\/#BaaS_providers_on_the_global_market\" >BaaS providers on the global market<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.altoros.com\/blog\/technical-challenges-to-address-when-integrating-banking-as-a-service\/#Things_to_consider_before_BaaS_integration\" >Things to consider before BaaS integration<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.altoros.com\/blog\/technical-challenges-to-address-when-integrating-banking-as-a-service\/#How_to_mitigate\" >How to mitigate?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.altoros.com\/blog\/technical-challenges-to-address-when-integrating-banking-as-a-service\/#Market_predictions\" >Market predictions<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.altoros.com\/blog\/technical-challenges-to-address-when-integrating-banking-as-a-service\/#Further_reading\" >Further reading<\/a><\/li><\/ul><\/nav><\/div>\n<h3><span class=\"ez-toc-section\" id=\"Nurturing_customer_loyalty_with_banking_services\"><\/span>Nurturing customer loyalty with banking services<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>As we move further in a free-market economy, brands across all industries are pressed to constantly reinvent themselves and offer products and services that distinguish them from fellow competitors. Increasing audience loyalty is an ongoing battle fought in multiple fields. There is always a step in a customer journey that can be improved and that is surely being improved by your rivals. One of these is how you as a company establish financial interaction with the customers.<\/p>\n<p>This interaction encompasses a variety of things from your payment options to bonuses. For instance, a tempting offering would be a loyalty debit card, which enables your customers to pay for your products\/services with the points awarded by this very card. In addition to customer satisfaction, you get an instrument to analyze your clientele spending behavior and tailor the services on your portfolio. Another example is providing an online loan or a payment by installment, so that the customer journey is never interrupted. There are a myriad of other banking services that a brand can provide to stimulate customer loyalty.<\/p>\n<p><center><a href=\"https:\/\/www.altoros.com\/blog\/wp-content\/uploads\/2021\/07\/fintech-market-five-layer-stack.png\"><img decoding=\"async\" src=\"https:\/\/www.altoros.com\/blog\/wp-content\/uploads\/2021\/07\/fintech-market-five-layer-stack-1024x547.png\" width=\"640\" class=\"aligncenter size-large wp-image-62824\" \/><\/a><small>Examples of the financial services to embed in a customer journey (<a href=\"https:\/\/content.11fs.com\/reports\/rebuilding-financial-services\" rel=\"noopener noreferrer\" target=\"_blank\">Image credit<\/a>)<\/small><\/center><\/p>\n<p>But do we have an \u201ceasier said than done\u201d situation here? Surely, to deliver banking services out of the box as a company outside the fintech industry, one sometimes needs to build up from ground zero. While payment processing may be what you are well familiar with, what about the intricacies of lending services, identity verification, preventing financial crimes, or simply complying with the regulations set out for banking service providers?<\/p>\n<p>This is where banking as a service (BaaS) comes to play.<\/p>\n<p>&nbsp;<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_is_banking_as_a_service\"><\/span>What is banking as a service?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><a href=\"https:\/\/en.wikipedia.org\/wiki\/Banking_as_a_service\" rel=\"noopener noreferrer\" target=\"_blank\">Banking as a service<\/a> emerged at the fintech scene somewhat in 2014. Though by 2021 BaaS providers are thriving and growing in number, there is still no uniform definition of what it is, or the explanations available miss out a crucial thing to mention. Roughly saying, BaaS enables any nonbank organization to embed necessary financial services\u2014offered by providers and license holders\u2014into its user experience. So, who is who in this equation?<\/p>\n<p>A <b>nonbank organization<\/b> is any enterprise of any size that wants to deliver certain financial services to its customers out of the box as part of a user journey. To do so, however, such a company needs a technology platform to integrate those services into its portfolio. And this is only part of the problem. The biggest challenge out there is a banking license without which no organization nowhere in the world will be allowed to provide any banking services. In fact, you have to become a bank and deal with all the licensing-related issues on your own, which is anything, but easy. On top of that, if you want to deliver banking services across the globe, you\u2019ll have to comply with local financial regulations in each and every country you plan to operate.<\/p>\n<p>At this point, collaboration with an actual <b>bank<\/b>, which already holds a valid license, sounds logical. Apart from convincing the bank this endeavor will be mutually beneficial and agreeing on the terms and conditions, there still remains a question how to integrate banking services into your workflows. This opens a pandora box with all its treats from the absence of a common technology stack to numerous standards (privacy, security, etc.) to put in place. This journey may turn into a very tiring, resource-consuming, and bumpy one.<\/p>\n<p>So, what <b>BaaS integration providers<\/b> bring to the table is all the missing pieces in between a nonbank organization and a financial institution. Acting as an intermediary, BaaS providers cooperate with established banks, who have the license, and put their services onto a technology platform. This reduces the problems of an enterprise to choosing which banking services exactly to enable.<\/p>\n<p>The services a nonbank institution can onboard range from card payments and lending to financial crime mitigation and risk management. The BaaS model enables a brand to pick up only those banking services that are relevant to its customers and the business itself instead of embedding the whole banking stack.<\/p>\n<p>How does this work? Putting it simply, the BaaS platform connects to the API provided by the bank to access the necessary services, products, and information. In the same fashion, the platform then connects to the company\u2019s API to deliver banking services to a marketplace, website, product, etc.<\/p>\n<p>In this regard, banking as a service is often confused with <i>open banking<\/i>. The BaaS model implies an integration of the whole or partial stack of banking services into the enterprise\u2019s product, while open banking merely allows businesses to use the bank\u2019s data for their products. In the financial industry, these nonbank organizations utilizing the open banking model are referred to as third-party providers.<\/p>\n<p><center><a href=\"https:\/\/www.altoros.com\/blog\/wp-content\/uploads\/2021\/07\/open-banking-integration-and-use-cases.png\"><img decoding=\"async\" src=\"https:\/\/www.altoros.com\/blog\/wp-content\/uploads\/2021\/07\/open-banking-integration-and-use-cases-1024x471.png\" width=\"640\" class=\"aligncenter size-large wp-image-62722\" \/><\/a><small>Examples of uses cases in open banking (<a href=\"https:\/\/www.finextra.com\/blogposting\/20099\/what-the-hell-is-banking-as-a-service-and-what-is-it-not\" rel=\"noopener noreferrer\" target=\"_blank\">Image credit<\/a>)<\/small><\/center><\/p>\n<p>A typical scenario for such third-party providers in open banking are financial management apps that aggregate data from different bank accounts into a single system, helping end users to improve their income\/spending ratio. To do so, providers of such apps connect to the banks\u2019 systems via an API. Needless to say, this API integration layer may be enabled by a whole different middle man\u2014an API banking platform.<\/p>\n<p>&nbsp;<\/p>\n<h3><span class=\"ez-toc-section\" id=\"BaaS_providers_on_the_global_market\"><\/span>BaaS providers on the global market<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><b>BaaS platform providers<\/b><\/p>\n<p>At the global scene, there are quite a few BaaS providers, and the number is only growing. Below are some examples of the providers that offer their own banking as a service platforms enjoying recognition among key players across different industries.<\/p>\n<p><img decoding=\"async\" src=\"https:\/\/www.altoros.com\/blog\/wp-content\/uploads\/2021\/07\/bankable-logo.png\" alt=\"\" width=\"75\" class=\"alignright size-full wp-image-62877\"\/><a href=\"https:\/\/www.bnkbl.com\/\" rel=\"noopener noreferrer\" target=\"_blank\">Bankable<\/a> is a London-based company, delivering digital banking, virtual account, card management\/processing, and payment processing services. The organization&#8217;s business model enables enterprises from different industries to integrate the services of choice either via APIs or a white-label platform.<\/p>\n<p><img decoding=\"async\" src=\"https:\/\/www.altoros.com\/blog\/wp-content\/uploads\/2021\/08\/bond-logo.png\" alt=\"\" width=\"135\" class=\"alignright size-full wp-image-63026\" \/><a href=\"https:\/\/www.bond.tech\/\" rel=\"noopener noreferrer\" target=\"_blank\">Bond<\/a> is a USA-based provider of an embedded finance platform delivering debit\/credit card, deposit account, and money movement services. The company also offers its APIs and developer SDKs to facilitate building financial products of one&#8217;s own.<\/p>\n<p><img decoding=\"async\" src=\"https:\/\/www.altoros.com\/blog\/wp-content\/uploads\/2021\/07\/cambr-logo.png\" alt=\"\" width=\"120\" class=\"alignright size-full wp-image-62891\" \/><a href=\"https:\/\/www.cambr.com\/\" rel=\"noopener noreferrer\" target=\"_blank\">Cambr<\/a> is yet another U.S. provider of embedded finance services. Its flagship product is a deposit platform that connects enterprises with 850+ banks in the partner network. The organization reports its platform to help manage $24+ billion.<\/p>\n<p><img decoding=\"async\" src=\"https:\/\/www.altoros.com\/blog\/wp-content\/uploads\/2021\/07\/solarisbank-logo.png\" width=\"75\" class=\"alignright size-full wp-image-62875\"\/><a href=\"https:\/\/www.solarisbank.com\/en\/\" rel=\"noopener noreferrer\" target=\"_blank\">solarisBank<\/a> is a German company founded in 2016. The provider&#8217;s portfolio includes multiple services across digital banking and card operations, lending, payments, etc. The organization offers simplified integration of all its services via a RESTful API. Since its founding, the startup was able to raise \u20ac220+ million in funding.<\/p>\n<p><img decoding=\"async\" src=\"https:\/\/www.altoros.com\/blog\/wp-content\/uploads\/2021\/07\/treezor-logo.png\" alt=\"\" width=\"75\" class=\"alignright size-full wp-image-62889\" \/><a href=\"https:\/\/www.treezor.com\/en\/\" rel=\"noopener noreferrer\" target=\"_blank\">Treezor<\/a> positions itself as a French electronic money institution approved by the ACPR (a regulator). The organization focuses on managing the entire payment chain both in acquiring (cards, virtual IBAN, and checks) and issuing (a card program, X-Pay wallets, and BIN sponsorship). Founded in 2016, the provider is a Principal Member of the Mastercard network and a participant of the SEPA network.<\/p>\n<p><img decoding=\"async\" src=\"https:\/\/www.altoros.com\/blog\/wp-content\/uploads\/2021\/07\/11fs-logo.png\" width=\"80\"class=\"alignright size-full wp-image-62883\"\/><a href=\"https:\/\/www.11fs.com\/\" rel=\"noopener noreferrer\" target=\"_blank\">11:FS<\/a> is a developer behind an embedded finance platform. The company claims that their platform helps to launch new financial services in minutes and integrate prebuilt financial workflows into existing ecosystems. One of the provider&#8217;s products\u201411:FS Money\u2014helps to create accounts, make payments, track spending, add funds, etc.<\/p>\n<p>&nbsp;<br \/>\n<b>BaaS providers<\/b><\/p>\n<p>In addition to &#8216;pure&#8217; BaaS platform providers, banking institutions across the globe also start to adopt the new model of service delivery.<\/p>\n<p><img decoding=\"async\" src=\"https:\/\/www.altoros.com\/blog\/wp-content\/uploads\/2021\/07\/bbva-logo.png\" alt=\"\" width=\"80\" class=\"alignright size-full wp-image-62898\"\/><a href=\"https:\/\/bbvaopenplatform.com\/\" rel=\"noopener noreferrer\" target=\"_blank\">BBVA<\/a> is one of the biggest bank networks in Spain. The institutions also operates in Mexica, Peru, Turkey, Venezuela, and Colombia. Their BaaS services include identity verification, account origination, card issuance, and money transfer.<\/p>\n<p><img decoding=\"async\" src=\"https:\/\/www.altoros.com\/blog\/wp-content\/uploads\/2021\/07\/clearbank-logo.png\" alt=\"\" width=\"135\" style=\"margin: 15px 0px 15px 15px;\" class=\"alignright size-thumbnail wp-image-62894\"\/><a href=\"https:\/\/www.clear.bank\/\" rel=\"noopener noreferrer\" target=\"_blank\">ClearBank<\/a> is a UK-based institution that enables finance and fintech companies, as well as FCA-regulated businesses to establish advanced payment systems. The bank was a pioneer in processing all payment types available in the United Kingdom: Visa, MasterCard, Link, BACS, CHAPS, and Faster Payments.<\/p>\n<p><img decoding=\"async\" src=\"https:\/\/www.altoros.com\/blog\/wp-content\/uploads\/2021\/07\/fidor-logo.png\" alt=\"\" width=\"75\" class=\"alignright size-full wp-image-62897\"\/><a href=\"https:\/\/www.soprabanking.com\/?from=fidor\" rel=\"noopener noreferrer\" target=\"_blank\">Fidor Bank<\/a> is a fully digital institution from Germany. The organization handles risk management, technology compliance, and customer service. The bank&#8217;s platform\u2014fidorOS\u2014allows for either integrating BaaS services into existing ecosystems or building new ones from scratch.<\/p>\n<p><img decoding=\"async\" src=\"https:\/\/www.altoros.com\/blog\/wp-content\/uploads\/2021\/07\/green-dot-logo.png\" alt=\"\" width=\"75\" class=\"alignright size-full wp-image-62896\"\/><a href=\"https:\/\/www.greendot.com\/\" rel=\"noopener noreferrer\" target=\"_blank\">Green Dot<\/a> is a USA-based bank holding company, serving 33 million customers. The organization&#8217;s BaaS platform enables enterprises to build products that deliver banking, payroll, and tax services. Green Dot serves such industry giants as Walmart, Uber, and PayPal.<\/p>\n<p><img decoding=\"async\" src=\"https:\/\/www.altoros.com\/blog\/wp-content\/uploads\/2021\/07\/starling-bank-logo.png\" alt=\"\" width=\"75\" class=\"alignright size-full wp-image-62895\"\/><a href=\"https:\/\/www.starlingbank.com\/\" rel=\"noopener noreferrer\" target=\"_blank\">Starling Bank<\/a> is a fully digital institution with headquarters in London. The company&#8217;s online banking platform helps one million people to manage their finances. The organization has been a winner of Best British Bank Awards for four years in a row (2018\u20132021).<\/p>\n<p>&nbsp;<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Things_to_consider_before_BaaS_integration\"><\/span>Things to consider before BaaS integration<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>By this point, everything may seem pretty easy and straightforward. However, the moment an enterprise steps onto the soil of the finance industry, a bunch of the challenges related to integrating BaaS into existing workflows kick in.<\/p>\n<ol>\n<li style=\"margin-bottom: 6px;\"><b>Security<\/b> at all layers\u2014infrastructure, platform, and app\u2014hits the list as a top priority for any service dealing with financial processes and data. A strong focus on security is key to preventing malicious attacks, data manipulations, and unauthorized access.<\/li>\n<li style=\"margin-bottom: 6px;\"><b>Privacy<\/b> of personal data shared between enterprise systems, a BaaS platform, and a bank is a must for organizations operating in the European Union and the USA. In Europe, the General Data Protection Regulation (<a href=\"https:\/\/en.wikipedia.org\/wiki\/General_Data_Protection_Regulation\" rel=\"noopener noreferrer\" target=\"_blank\">GDPR<\/a>) is in force, while different states in the USA have their own regulations, for instance, <a href=\"https:\/\/en.wikipedia.org\/wiki\/California_Consumer_Privacy_Act\" rel=\"noopener noreferrer\" target=\"_blank\">California Consumer Privacy Act<\/a>. Most of the countries in the APAC region rely on a mix of federal, state, and territory laws like the <a href=\"https:\/\/www.cas.go.jp\/jp\/seisaku\/hourei\/data\/APPI.pdf\" rel=\"noopener noreferrer\" target=\"_blank\">Act on the Protection of Personal Information<\/a> in Japan or the <a href=\"https:\/\/www.privacy.go.kr\/eng\/laws_policies_list.do\" rel=\"noopener noreferrer\" target=\"_blank\">Personal Information Protection Act<\/a> in South Korea. <\/li>\n<li style=\"margin-bottom: 6px;\"><b>Compliance<\/b> with the industry standards, which are abundant in the finance and individual to each country\/region, is an absolute must to enter the market. Violation or inability to fulfill any conditions inflicts grave consequences. For companies with global presence, this becomes an even more challenging task as they have to comply with each regulation in each country of operation. Furthermore, each domain of the finance industry has its own standards, so the more banking services you want to onboard, the more regulations your systems have to comply with. Some examples of general regulations are the \u200b\u200b<a href=\"https:\/\/en.wikipedia.org\/wiki\/Dodd%E2%80%93Frank_Wall_Street_Reform_and_Consumer_Protection_Act\" rel=\"noopener noreferrer\" target=\"_blank\">Dodd\u2013Frank Wall Street Reform and Consumer Protection Act<\/a> and the <a href=\"https:\/\/en.wikipedia.org\/wiki\/Durbin_amendment\" rel=\"noopener noreferrer\" target=\"_blank\">Durbin Amendment<\/a> in the USA or the <a href=\"https:\/\/en.wikipedia.org\/wiki\/European_Market_Infrastructure_Regulation\" rel=\"noopener noreferrer\" target=\"_blank\">European Market Infrastructure Regulation<\/a> and the <a href=\"https:\/\/en.wikipedia.org\/wiki\/Payment_Services_Directive\" rel=\"noopener noreferrer\" target=\"_blank\">Revised Payment Services Directive<\/a> in the EU.<\/li>\n<li style=\"margin-bottom: 6px;\"><b>Identity verification<\/b> is another core component of the regulatory requirements in the financial industry and relies on the <a href=\"https:\/\/en.wikipedia.org\/wiki\/Know_your_customer\" rel=\"noopener noreferrer\" target=\"_blank\">Know Your Customer<\/a> principle (KYC). The way you gather information about your customer\u2019s financial circumstances depends on the type of a financial service you want to provide to him\/her. The complexity of <a href=\"https:\/\/www.altoros.com\/blog\/blockchain-can-help-banks-to-better-manage-the-identity-of-clients\/\" rel=\"noopener noreferrer\" target=\"_blank\">identity verification<\/a> only increases as you onboard banking services beyond simple payments, let\u2019s say, direct debiting or lending. The trickiest part in the process is satisfying the regulatory requirements without interrupting or overcomplicating user experience. Once your customer faces the necessity to go to a bank branch for identification, s\/he may, as well, quit the process for the service gained is not worth the trouble.<\/li>\n<p><center><a href=\"https:\/\/www.altoros.com\/blog\/wp-content\/uploads\/2021\/07\/banking-as-a-service-api-and-engine.png\"><img decoding=\"async\" src=\"https:\/\/www.altoros.com\/blog\/wp-content\/uploads\/2021\/07\/banking-as-a-service-api-and-engine-1024x575.png\" width=\"640\" class=\"aligncenter size-large wp-image-62821\" \/><\/a><small>Examples of core modules in the BaaS platform (<a href=\"https:\/\/content.11fs.com\/reports\/rebuilding-financial-services\" rel=\"noopener noreferrer\" target=\"_blank\">Image credit<\/a>)<\/small><\/center><\/p>\n<li style=\"margin-bottom: 6px;\"><b>Data integration<\/b> between the BaaS platform and enterprise systems may require a holistic approach to eliminating those issues originating from different or contradicting data formats, preventing generation of data duplicates, enabling real-time data synchronization, conducting <a href=\"https:\/\/www.altoros.com\/blog\/the-three-most-common-problems-faced-during-data-migration\/\" rel=\"noopener noreferrer\" target=\"_blank\">data migration<\/a> without downtime, etc.<\/li>\n<li><b>Customization<\/b> calls for flexibility and ease of maintenance across existing systems. Even if a banking-as-a-service provider has the capacity to deliver custom features or you want to customize the offering on your own, still there may arise issues related to incompatibility of technologies, an architectural model of your system, intricacies of the existing workflows, etc.<\/li>\n<\/ol>\n<p><center><a href=\"https:\/\/www.altoros.com\/blog\/wp-content\/uploads\/2021\/08\/payment-architecture-with-blockchain-machine-learning-artificial-intelligence-containers-banking-as-a-service.png\"><img decoding=\"async\" src=\"https:\/\/www.altoros.com\/blog\/wp-content\/uploads\/2021\/08\/payment-architecture-with-blockchain-machine-learning-artificial-intelligence-containers-banking-as-a-service.png\" alt=\"\" width=\"640\" class=\"aligncenter size-full wp-image-63064\" \/><\/a><small>A sample payment architecture with blockchain, containers, machine learning, etc. (<a href=\"https:\/\/www.mckinsey.com\/industries\/financial-services\/our-insights\/banking-matters\/technology-led-shifts-and-opportunities-in-card-based-payments\" rel=\"noopener noreferrer\" target=\"_blank\">Image credit<\/a>)<\/small><\/center><\/p>\n<p>Though all this may seem sophisticated, there are a great number of technological answers to the concerns raised above.<\/p>\n<p>&nbsp;<\/p>\n<h3><span class=\"ez-toc-section\" id=\"How_to_mitigate\"><\/span>How to mitigate?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><b>Ensuring security and compliance<\/b><\/p>\n<p>It makes sense to evaluate your infrastructure well before integrating it with a BaaS platform to identify potential points of vulnerability and work out a risk mitigation roadmap. These vulnerabilities may be hidden at the networking level, for instance. Make sure you&#8217;ve secured the networking protocols\u2014e.g., HTTP and SSH\u2014which API endpoints are using to connect the integrated services. For the purpose, implement mature authentication\/authorization methods (two- or multi-factor authentication) and tools (OAuth2.0 and OpenID Connect). You can also employ the <a href=\"https:\/\/en.wikipedia.org\/wiki\/Principle_of_least_privilege\" rel=\"noopener noreferrer\" target=\"_blank\">principle of the least privilege<\/a> to enable abstraction at which a particular module cannot access data or a resource outside its scope of authority. <a href=\"https:\/\/en.wikipedia.org\/wiki\/Transport_Layer_Security\" rel=\"noopener noreferrer\" target=\"_blank\">TLS<\/a> encryption will help you to secure sensitive data exchanged through APIs, and tools for credential management like CredHub will safeguard passwords, certificates, SSH keys, etc.<\/p>\n<p>By setting up vulnerability scanning across your operating system, network, drivers, and API components, you will be able to timely detect weak spots and address arising issues. For instance, you can employ <a href=\"https:\/\/en.wikipedia.org\/wiki\/Packet_analyzer\" rel=\"noopener noreferrer\" target=\"_blank\">packet analyzers<\/a> to monitor network intrusion attempts, endpoints security status, the efficiency of firewalls, etc. Next, you can place quotas on how often your API can be called, so that the violation of this limit will signal for a potential attack.<\/p>\n<p>If talk about compliance, the majority of the BaaS platforms already conform with those industry standards necessary to deliver a particular banking service. You can always clarify this matter with the provider you decided to stick with.<\/p>\n<p>&nbsp;<br \/>\n<b>Enabling data privacy<\/b><\/p>\n<p>To let your customers know that you comply with the data privacy regulations in the region of operation (e.g., the GDPR in Europe), you need to implement privacy policies. These policies must explicitly explain the target audience how personal information is gathered, stored, and processed. Furthermore, a user must understand how to give or withdraw consent at any time for any of the actions made over his\/her personal data. One of the most common ways to implement privacy policies is via cookies, which appear at the first interaction with your service and enable users to choose those data manipulation options they find suitable.<\/p>\n<p>&nbsp;<br \/>\n<b>Implementing KYC identification<\/b><\/p>\n<p>The way you identify your customer is integral to providing financial services. A considerable part of the institutions still rely on manual verification that presses a customer to go to a bank branch with a pile of papers to get a loan, for example. No need to say this is a stressful and time-consuming process. In this endeavor, the <a href=\"https:\/\/www.altoros.com\/blog\/tag\/blockchain\/\">blockchain<\/a> technology can help to automate verification and <a href=\"https:\/\/www.altoros.com\/blog\/blockchain-for-insurance-reduced-fraud-and-streamlined-claims\/\">mitigate fraud<\/a>. The immutable and decentralized ledger behind blockchain allows for securely sharing a verification stamp between the participants of the network. This eliminates paper-based verification workflows, as well as safeguards that only the authorized parties can overlook each step of the process. Again, the majority of BaaS platforms automate the KYC process on their side.<\/p>\n<p><center><a href=\"https:\/\/www.altoros.com\/blog\/wp-content\/uploads\/2021\/08\/identity-verification-process-on-blockchain-banking-as-a-service.png\"><img decoding=\"async\" src=\"https:\/\/www.altoros.com\/blog\/wp-content\/uploads\/2021\/08\/identity-verification-process-on-blockchain-banking-as-a-service-1024x541.png\" alt=\"\" width=\"640\" class=\"aligncenter size-large wp-image-63063\" \/><\/a><small>Identity verification on blockchain (<a href=\"https:\/\/www2.deloitte.com\/content\/dam\/Deloitte\/jp\/Documents\/about-deloitte\/news-releases\/en-nr-nr20180713-report.pdf\" rel=\"noopener noreferrer\" target=\"_blank\">Image credit<\/a>)<\/small><\/center><\/p>\n<p>&nbsp;<br \/>\n<b>Facilitating data integration<\/b> <\/p>\n<p>To avoid any discrepancies, it is advisable to use a uniform data format between the integrated data systems. This will save a lot of efforts on trying to make it all work. The next thing to take care of is to prevent duplicates or data loss. You can consider building <a href=\"https:\/\/www.altoros.com\/blog\/tag\/data-integration\/\">ETL<\/a> pipelines and rely on some reputable big data solutions out there like Apache Kafka, Apache Hive, HDFS, etc. Cloud storage systems (AWS S3, Google Cloud Storage, or Microsoft Azure Storage) and\/or NoSQL databases provided &#8220;<a href=\"https:\/\/www.altoros.com\/research-papers\/performance-evaluation-of-nosql-databases-as-a-service-couchbase-capella-mongodb-atlas-amazon-dynamodb\/\">as a service<\/a>&#8221; will help to scale under high loads without compromising on throughput.<\/p>\n<p>&nbsp;<br \/>\n<b>Driving customization<\/b><\/p>\n<p>If you are looking for zero-downtime upgrades, consider building continuous integration\/delivery (CI\/CD) pipelines. By implementing tools like Jenkins or Concourse into these pipelines, it is possible to automate deployments. With containerization using <a href=\"https:\/\/www.altoros.com\/blog\/tag\/kubernetes\/\">Kubernetes<\/a> distributions, you can further automate daily operations, enabling faster customer feature feedback and frequent deployments. The blue-green and canary deployments contribute to disaster recovery and minimize downtime for the server.<\/p>\n<p>&nbsp;<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Market_predictions\"><\/span>Market predictions<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>According to a recent <a href=\"https:\/\/www.finastra.com\/sites\/default\/files\/documents\/2021\/06\/financial-services-state-of-the-nation-survey-2021.pdf\" rel=\"noopener noreferrer\" target=\"_blank\">survey<\/a> by Finastra, banking as a service will transform 85% of global financial institutions\u201440% of the respondents expect major impact\u2014in 2021. The predictions suggest the greatest influence on the financial industry in Hong Kong (92%), the UAE (90%), and Singapore (87%). This can be explained by many factors, but one of the most obvious ones is a favorable legislation climate.<\/p>\n<p>Among those perks that BaaS brings to the table, organizations highlight:<\/p>\n<ul>\n<li>business growth opportunities<\/li>\n<li>faster time to market with banking services available out of the box<\/li>\n<li>streamlined operations<\/li>\n<li>accelerated compliance procedures<\/li>\n<li>reduced operational costs<\/li>\n<li style=\"margin-bottom: 6px;\">an opportunity to disrupt the market<\/li>\n<\/ul>\n<p><center><a href=\"https:\/\/www.altoros.com\/blog\/wp-content\/uploads\/2021\/08\/banking-as-a-service-and-its-impact-on-the-financial-service.png\"><img decoding=\"async\" src=\"https:\/\/www.altoros.com\/blog\/wp-content\/uploads\/2021\/08\/banking-as-a-service-and-its-impact-on-the-financial-service.png\" alt=\"\" width=\"640\" class=\"aligncenter size-full wp-image-63050\" \/><\/a><small>The influence of banking as a service on the financial sector (<a href=\"https:\/\/www.finastra.com\/sites\/default\/files\/documents\/2021\/06\/financial-services-state-of-the-nation-survey-2021.pdf\" rel=\"noopener noreferrer\" target=\"_blank\">Image credit<\/a>)<\/small><\/center><\/p>\n<p>Out of 785 companies surveyed, 35% claimed to have improved or adopted BaaS, and 32% report to have improved or embedded banking services into their business model in the past year. <\/p>\n<p>The trend for innovation is stronger than ever, as 95% of the pollees intend to digitally transform. When talking about the drivers of innovation in the financial sector, mobile banking and <a href=\"https:\/\/www.altoros.com\/blog\/tag\/machine-learning\/\">artificial intelligence<\/a> gain their momentum with <a href=\"https:\/\/www.altoros.com\/blog\/tag\/cloud-native\/\">cloud-native<\/a> and <a href=\"https:\/\/www.altoros.com\/blog\/tag\/blockchain\/\">blockchain<\/a> technologies following the lead.<\/p>\n<p><center><a href=\"https:\/\/www.altoros.com\/blog\/wp-content\/uploads\/2021\/08\/banking-as-a-service-and-the-driving-technologies-mobile-blockchain-artificial-intelligence.png\"><img decoding=\"async\" src=\"https:\/\/www.altoros.com\/blog\/wp-content\/uploads\/2021\/08\/banking-as-a-service-and-the-driving-technologies-mobile-blockchain-artificial-intelligence.png\" width=\"620\" class=\"aligncenter size-full wp-image-63051\" \/><\/a><small>Trending technologies in the financial sector (<a href=\"https:\/\/www.finastra.com\/sites\/default\/files\/documents\/2021\/06\/financial-services-state-of-the-nation-survey-2021.pdf\" rel=\"noopener noreferrer\" target=\"_blank\">Image credit<\/a>)<\/small><\/center><\/p>\n<p>As we move further into the digital era, we can only expect the BaaS trend to expand to new markets, promoting an uninterrupted customer journey, as well as collaboration between enterprises, banks, and fintechs.<\/p>\n<p>&nbsp;<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Further_reading\"><\/span>Further reading<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li><a href=\"https:\/\/www.altoros.com\/blog\/digital-transformation-in-banking-new-challenges-for-a-new-era\/\">Digital Transformation in Banking: New Challenges for a New Era<\/a><\/li>\n<li><a href=\"https:\/\/www.altoros.com\/blog\/blockchain-can-help-banks-to-better-manage-the-identity-of-clients\/\">Blockchain Can Help Banks to Better Manage the Identity of Customers<\/a><\/li>\n<li><a href=\"https:\/\/www.altoros.com\/blog\/canadian-financial-institutions-are-adopting-blockchain-6-success-stories\/\">Canadian Financial Institutions Are Adopting Blockchain: 6 Success Stories<\/a><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<hr \/>\n<p><center><small>This blog post was written by <a href=\"https:\/\/www.altoros.com\/blog\/author\/sophie.turol\/\">Sophia Turol<\/a> with assistance from <a href=\"https:\/\/www.altoros.com\/blog\/author\/alex\/\">Alex Khizhniak<\/a>.<\/small><\/center><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Nurturing customer loyalty with banking services<\/p>\n<p>As we move further in a free-market economy, brands across all industries are pressed to constantly reinvent themselves and offer products and services that distinguish them from fellow competitors. Increasing audience loyalty is an ongoing battle fought in multiple fields. There is always a step [&#8230;]<\/p>\n","protected":false},"author":3,"featured_media":63144,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","footnotes":"","_links_to":"","_links_to_target":""},"categories":[7],"tags":[938,972,895],"class_list":["post-62694","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-opinion","tag-banking","tag-finance","tag-research-and-development"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Technical Challenges to Address When Integrating Banking as a Service | Altoros<\/title>\n<meta name=\"description\" content=\"Around 80% of global financial institutions believe that BaaS inspires growth, accelerates time to market, streamlines services, and reduces operational costs.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.altoros.com\/blog\/technical-challenges-to-address-when-integrating-banking-as-a-service\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Technical Challenges to Address When Integrating Banking as a Service | Altoros\" \/>\n<meta property=\"og:description\" content=\"Nurturing customer loyalty with banking services As we move further in a free-market economy, brands across all industries are pressed to constantly reinvent themselves and offer products and services that distinguish them from fellow competitors. 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