Reimagining BaaS: Kotapay Unveils Kavinu

Cloud
22.10.2024 02:25 pm

Kotapay, a division of First International Bank & Trust (FIBT), today announces the launch of Kavinu, a direct-to-bank banking-as-a-service (BaaS) platform. Designed to eliminate the instability of middleware-reliant BaaS models, Kavinu connects financial innovators directly to an experienced bank partner already supporting electronic payments at scale.

“Kavinu re-centers the partnership model and eliminates the fragmentation that has plagued traditional middleware models,” said Trent Sorbe, Chief Payments Officer at FIBT. “Kotapay is uniquely equipped to turn the page for banking as a service. Kavinu is supported by robust technical infrastructure and an experienced team that have been moving money electronically and at significant scale for over 30 years.”

Kavinu is a cloud-native, API-driven technology layer built atop Kotapay’s existing payments infrastructure which will exceed $120 billion in settlement volume and over 60 million transactions by year-end 2024. Kavinu is equipped with developer-friendly, rail agnostic APIs. By eliminating middleware, Kavinu offers unmatched speed to market and revenue potential with a single, direct relationship with FIBT, one of the country’s strongest community banks.

Kotapay’s vision for Kavinu includes proprietary products set to launch in 2025, aimed at reaching the 2.5 million consumers receiving payroll processed by Kotapay today.

“Kavinu allows us to supplement the partner model with proprietary products and services we plan to offer our existing client base of over 3,300 payroll providers and ultimately to the millions of employees whose payroll is processed by Kotapay each month,” added Sorbe.