Connecting sibos and Money 20/20 with Banking as a Service

This year, ONPEX received its financial institution license and institutional SWIFT membership. So we headed to sibos in Geneva to explore the world’s biggest banking event, as we told you in our last blog. Afterwards, we went straight to Money 20/20 in Las Vegas, arguably the most important event in the payments and fintech arena. We would have expected to meet some acquaintances made in Geneva again in Las Vegas, but in fact, these flagship events’ exhibitor and visitor profiles do not overlap at all. And the rift is not only a demographic one: At 20/20 we saw great payment ideas. At sibos, the offer of banking solutions was extraordinary.

While the payments space teems with creative, cutting-edge solutions, the Money 20/20 attendants became curiously silent when asked about how they actually move cash. It transpires that there are no alternatives to the classic banking networks. Even the most adventurous businesses offer only the transfer of information and rely on banks to move the cash – as they have always done. There is no doubt that banks have handled this responsibility very well. Over the centuries, they developed a highly secure and reliable network for the global transfer of funds. All over the world, every second, small and large sums cross borders, currencies, and institutions to reach their intended recipients with next to no mishap. Nevertheless, the traditional structures are not equipped to meet the expectations of today’s businesses and consumers when it comes to speed, flexibility, and cost.

It has been discussed at length how these two worlds can be brought together and efforts are made from both sides to create comprehensive solutions. Even regulators are pitching in with guidelines such as PSD2 that are meant to help open doors and clear a path through this new territory. One topic in particular is currently creating a buzz: Banking as a Service is an approach that aims at modernising the core banking technology to be able to connect it to payment infrastructures. The best way to achieve this is through application programming interfaces (APIs), which can be described as adapters that allow the exchange of information between nonrelated IT-systems. This does not only establish connections between payments and banking, but also speeds up the development of new products, as they can be attached to the older basis with greater ease and at much lower cost than a new development would entail. Interestingly, though, this approach is mostly used by fintechs that require the backing of a bank to provide financial services1. Infrastructure providers are in high demand and new payment solutions are developed all the time2. This is of course great news, but what about the banks?

There seems to be a reserve when it comes to the integration of modern structures with their infrastructure. This reserve is mostly based on very just security concerns. Banks are looking for highly trustworthy technology providers to support them in bringing their infrastructure up to date. This is why ONPEX has gone the extra mile and combined high-end technology in certified datacentres with a financial institution license and an institutional SWIFT membership. Based on this, we provide modular, white-label Payment- and Banking as a Service solutions that seamlessly connect banking and payments. Our B2B-range is focused on improving the scope, automation, and efficiency of financial services and infrastructure. Thanks to the advanced solutions, businesses broaden their product range and reduce their expenditures while meeting the highest standards in regulation, technology, and usability. ONPEX solution range already meets PSD2 requirements with 2FA and XS2A as well as being PCI DSS-compliant. It enables banks and financial institutions to expand their offers, streamline processes, and offer new API-based services connected to their legacy banking systems. PSPs, ISOs, acquirers, processors, marketplaces, and international businesses expand and simplify their payment services around the world with made-to-measure payment processing and banking.

Our mission to connect the banking and payment worlds continues at PayExpo MENA in Dubai, December 5 – 7.
Come and see us at booth A1!