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Webster Bank Joins Newly Launched Banking as a Service (BaaS) Association

May 26, 2022, 07:00 AM
Filed Under: Banking News

Webster Bank joined the newly launched Bankers Helping Bankers (“BHB”) Banking-as-a-Service (BaaS) Association as a founding member. The Association aims to serve the unique needs of BaaS Sponsor banks.
Webster’s BaaS team partners with fintechs, or other non-financial institutions, to provide financial services to the partner’s customer base, enabling them to leverage Webster’s charter and capabilities such as account management, debit and credit card issuance, and payment and/or lending services.

“Webster is committed to working with like-minded peers to drive thought leadership and innovation to help shape emerging financial services offerings,” said Chris Rigoni, Managing Director for Webster BaaS. “We see tremendous opportunity to continue to grow our BaaS business, and we look forward to working with the Association on the development of best practices to provide the excellent experiences for consumers and businesses alike.”

The BaaS Association was created to: 

  • Coordinate legislative and regulatory advocacy efforts to encourage the responsible delivery of BaaS by Federally insured depository institutions.
  • Promote best practices and standards for the delivery of BaaS products to non-banks.   
  • Build a community of like-minded bankers and other industry participants to share experiences, insights, and learnings. 
  • Connect Federally insured financial institutions to the technology partners who will help them facilitate a successful BaaS program. 

Banking-as-a-Service is seeing a tremendous increase in bank participants fueled by rapid expansion in fintech funding and a constant supply of new startups. It is a highly specialized business that requires unique technology, regulatory and compliance expertise, and operational capabilities.

Tanner Mayo, co-founder of BHB, said, “Bankers delivering BaaS are leaders in profitability and innovation. It is essential that banks getting into this space do so in a safe, sound, and regulatory compliant way. This association is intended to help them embrace the opportunities of BaaS, while proactively identifying and mitigating risks.”

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