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As the world embraces digital transformation, the financial sector is evolving rapidly, giving rise to innovative solutions such as Banking as a Service or BaaS. BaaS enables startups and businesses to offer payment services without the need for a banking license. In this blog, we'll explore five crucial aspects of BaaS that every FinTech entrepreneur should be aware of to unlock its full potential.
The Role of a Processor in FinTech: Simplifying Financial Transactions
In the fast-paced world of financial technology (FinTech), processors play a crucial role in simplifying transactions. By harnessing cutting-edge technology, processors streamline payment procedures, ensuring efficiency and reliability all while being connected to the BIN Sponsor. In this article, we will delve into the definition of a processor in the FinTech sector, explore their responsibilities, and highlight the importance of their role in the industry.
Unlocking Financial Innovation: Understanding the Role of a BIN Sponsor
In keeping with our other articles on what FinTech is and what a programme manager does, this one will define what a BIN Sponsor is.
Neobanks, online transactions, financial inclusion… There are words we use every day that many people may find vague or difficult to understand. No matter how numerous these terms are, there is only one name: « FinTech ». At E-Pay Space, we look forward to sharing with you key concepts of the industry, so you can remain up-to-date with crucial topics.
DSP2, you have surely heard about it in recent months. Entered into practice on September 14, 2019, the new version of the European Directive on Payment Services (PSD2) is at the heart of banking and commercial news. However, it does not date from yesterday. Adopted in November 2015, its “big sister” (or DSP1) dates from 2007.
The virtual card is essential today in the banking world and especially that of neo-banks as the fashionable means of payment. The increase in fraud on card payment transactions, which jumped 13.4% in 2018 alone, is undoubtedly not for nothing. Both individuals and professionals are seduced by this new trend which offers much more than a simple payment card ...
This new expression describes banks sharing certain data of their customers with other actors of the financial world under certain conditions but also non-personal data relating to the banks themselves (ex: locations agencies, services provided etc.). The very principle of an open banking system suggests apprehensions as the notions of security and protection until then provided the "guarantee" of a well-kept money.
For this article, we might as well start at the beginning: what is a FinTech? This word is the contraction of the words "Financial" and "Technology". Invented by our Anglo-Saxon friends, it can be translated into French as “Financial Technology”.… But still?