SME Finance Forum member, BBVA launched a full suite of Banking as a Service (BaaS) products in the U.S. through its open platform initiative. 

According to the article, the initiative enables third parties to integrate payments and complementary banking services into their own business models to create ideal user experiences.

“The past six months in beta have allowed us to not only prove the market is there for this kind of innovation in the U.S., but also to ensure the BBVA Open Platform delivers a great experience to our customers, said Abhishek Gupta, BBVA Open Platform CEO. “Turning this live has been a complex process, because ultimately this is a new service operating in a highly regulated and secure environment. But the potential it will deliver in terms of opening up new lines of business and supporting innovation that can really change the way people and businesses bank, is huge. It’s a real gamechanger.”

The initiative is also a part of the bank’s goal to maximise open API platform. The BBVA API Market in Spain has 11 banking APIs available for use, according to the article.