Fintech
Banking as a service
Licensed banks providing their infrastructure, such as accounts, cards and payments, through APIs, so other companies can build financial products without their own licence. Often shortened to BaaS.
A plain-English explanation, not financial or tax advice. Rules and rates change, so check your own situation. For free, impartial guidance, try MoneyHelper. Disclaimer.
You'll hear it as
We use a banking-as-a-service provider to offer accounts inside our app.
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