Rachel Hunt at Volante Technologies Reveals The Future of Bank Licensing
Rachel Hunt, VP of Strategy & Growth at Volante Technologies, discusses the future of the banking industry as alternatives to the bank licensing system continue to appear.
The Banking-as-a-Service(BaaS) model has shaken up the way that banks do business, as more and more institutions seek out innovative methods. In the wake of this disruption, discussions have started around the traditional bank licensing model and what the future might look like for financial institutions around the world.
“I do think we’re thinking about Software-as-a-Service(SaaS) being the way that a large number of mid-tier organizations are going to go, and it could be large-tier organizations as well” Rachel comments, “We’ve got some very large organizations going to software as a service, but one of the thing’s that’s interesting outside of innovation … is the fact that there’s a huge amount of convergence happening in payments”
“If you think about instant [payments] & you think of a de-novo bank, for example, setting up business in the US today. They have to think about how their payment flows are going to go over time, right?” Rachel adds. “So they might have to start thinking well, actually I might receive some payments through ACH bulk files, but the best way for my customer to be fulfilled is to send them through the real-time rails”
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