Banking As A Service Platform (BaaP) that gives fintech companies access to global banking in five lines of code. Railsbank turbo-charges the scaling of fintech companies by massively reducing the time and complexity of opening bank accounts; technically integrating with banks and enables both parties to have a trusted compliance relationship.
What problem is Railsbank solving?
Railsbank is a Banking As A Service Platform (BaaP) that brings together fintech companies and a global network of small-mid sized banks to give fintech companies “access to global banking in 5 lines of code”.
The problem Railsbank solves is the excessive friction, cost and time of establishing, scaling and internationalising a fintech company. This problem is driven by three key issues; 1. The time it takes to establish banking relationship(s) operationally and technically can be up to 9 months; 2. Banks, understandably, don’t trust the compliance controls of fintech startups and the banks bear the fines; 3. Bank on-boarding economics, combined with the compliance risk, make banking finTech un-appealing.
For fintech companies, Railsbank solves the above by enabling a finTech to open a banking relationship and technically connect to a bank in under 3 months. Once Connected to Railsbank, a fintech can “switch-on” new countries/regions in under 2 months. Embedded into Railsbank is a unique compliance firewall technology that allows a fintech to demonstrate to their bank(s) that they control and manage the compliance risk in real time.
Banks are helped by Railsbank slashing the acquisition and onboarding costs and reducing the compliance risk to make banking fintech commercially attractive.
By Lesya Li, Head of Content at Railsbank