Celent recognizes BBVA as the 2020 Model Bank winner of Banking-as-a-Service with it's BBVA Open Platform.
Banking is seeing a digital shift, which is having a profound impact on the way institutions serve their customers. The search for more revenue is transforming business models, and institutions are moving beyond vertical integration to broader ecosystems of opportunity. BaaS platforms, for example, are emerging to increase scale and efficiency of deposit gathering while powering services for fintechs and nonbanks. Some institutions are exploring BaaS as a new business.
BBVA Open Platform is an API-driven, white-label banking and payments solution, which dramatically expands the company’s reach. The platform allows third parties to integrate services directly into their customer journeys or UI, which are supported by BBVA’s bank core and license. Third parties don’t need to build out complex capabilities or apply for a license but instead just pay for consumption. As such, BBVA USA acts as the deposit gatherer and infrastructure provider, enabling third parties to think about their core value propositions rather than “reinventing the wheel” of banking and payments.
