Credit Union-as-a-Service (CUaaS), our novel offering in partnership with Temenos, has been featured in The American Banker, one of the most distinguished financial industry media in the United States.
Story titled “Two fintechs give credit unions banking-as-a-service capability” by reporter Frank Gargano details how Mbanq and Temenos are working to adapt the Banking-as-a-Service model for credit unions.
The BaaS model allows third-party institutions to partner with licensed banks to build new services for customers. Mbanq’s credit union service organization will use application programming interfaces to take a similar approach to smaller credit unions.
“Oftentimes, credit unions are suffocated by their existing infrastructure because the cost to purchase a new terminal solution exceeds their economies of scale,” said Mbanq CEO Vlad Lounegov.
“But the way that we proposed the Credit Union-as-a-Service together with Temenos is to deliver services to clients that function using the same foundational technology, and then work from there.”
Read the full story on The American Banker: https://www.americanbanker.com/creditunions/news/two-fintechs-give-credit-unions-banking-as-a-service-capability