Railsbank Provides Open Banking and Compliance Platform
- Platform Technology , Banking
- 25.01.2017 01:00 pm
Platform gives access to global banking with 5 lines of code allowing companies to significantly reduce time to scale and revenue business internationally
Railsbank, provider of an open banking and compliance platform that will give companies access to global wholesale banking services with 5 lines of code, and ‘Startup-in-Residence’ at Startupbootcamp 2016, today announced at Paris FinTech Forum the availability of their API to developers. Through this API, customers have access to a core digital ledger banking platform and a complete range of wholesale financial services, called ‘Product Rails’, while ensuring regulatory compliance through Railsbank’s Compliance Firewall Technology.
“We are able to deliver measurable benefits and value to companies who want to scale and revenue their business in a quick and hassle-free way”, said Nigel Verdon, Co-Founder & CEO, Railsbank. “Our platform massively reduces the time, cost and complexity of connecting to and managing, multiple financial service providers and their legacy technologies as well as enabling both parties to have a trusted compliance relationship”.
The ‘Product Rails’, for example, IBAN creation, issuing cards, sending, receiving and converting money, and accessing credit, are provided by financial service partners.
Arkéa Banking Services, a subsidiary of Credit Mutuel Arkéa, is one such service partner and has signed up to be first on the platform to deliver SEPA payment services and IBANs across Europe.
Christophe Bitner, president of the Executive Board of Arkéa Banking Services commented: “We are delighted by this partnership with Railsbank. As a pioneer in white-label banking services, we are thrilled to onboard new FinTech companies via the Railsbank solution. The cooperation between Arkéa Banking Services and Railsbank is fully in accordance with the B2B development strategy of the Group Crédit Mutuel Arkéa in Europe.
Verdon noted, “Today we are announcing availability and support for European transactions with global coverage to follow in 2018. We’ve been inundated with requests to try our platform and we’ll be giving access to selected companies in the upcoming weeks, so I’d encourage you to register as soon as possible”.