BaasFlow

The team had a busy day today traversing opposite stretches of North America to promote BaasFlow scalable banking infrastructure in the cloud. Larry Meyers made the trek up to Toronto to showcase our modern loan management software to innovative fintechs at the 2024 Lenders Summit hosted by the Canadian Lenders Association. Istvan Molnar and James Dailey converged in Fredericksburg, Texas to kick off three days at #TheRoundup hosted by FedFis sharing the transformative potential of the BaasFlow #Kenu modern open core banking infrastructure for BaaS Sponsor Banks.

BaaSFlow enables Sponsor Banks to become more capable with an architecture that is based on MACH ( micro services, api driven, headless, and composable). By adopting this style of architecture the solutions we can offer are more cost effective and better at fitting within a wider set of capabilities. Navigating Regulatory Changes: How BaaSFlow’s Technology Solutions Can Assist Sponsor Banks in Adopting to a New Landscape As regulatory shifts loom over the Banking as a Service (BaaS) landscape, sponsor banks face heightened scrutiny and operational challenges in their partnerships with fintech companies. BaaSFlow Inc.’s technology is designed to support sponsor banks in this evolving environment, ensuring adaptability to new requirements and enhanced risk management. Our cloud based core banking platform is built to adapt quickly to regulatory updates, providing real-time oversight capabilities, secure integrations, and robust controls that align with regulatory needs. With BaaSFlow, sponsor banks will have the technology required to continue to work with their fintech partners, knowing they’re ready for the evolving regulatory landscape ahead. #BaaS #SponsorBanks #Fintech #RegulatoryCompliance #BaaSFlow

We’re excited to share how our technology enables lending, current accounts, and instant payments on a cloud native platform. API driven, headless app, using best of breed security. We believe in the mission of Community banking, where Main Street businesses and your neighbors are central to success, not an afterthought.

Synapse Financial Technologies, Inc. is Bankrupt, Tabapay walked away from the purchase and Consumer funds are in limbo. It doesn’t have to be this way. The key sentence in the August 22nd article in TechCrunch is this:  “The debacle has left observers questioning the banking-as-a-service concept and digital banking as a whole, considering that millions of consumers with nearly $160 million in deposits remain unable to access their funds.” Synapse's platform interfaced between FinTech apps and FDIC-insured banks like Evolve Bank & Trust, Lineage Bank, and others. The collapse of Synapse exposed significant weaknesses in how funds were managed and accounted for between these FinTech platforms and their partner banks. One of the core issues was the unclear and inconsistent records between Synapse and its banking partners, leading to a $160 million shortfall between what was expected by consumers and what was actually held by the banks. This discrepancy pointed to potential failures in the underlying processes and resources used by Synapse for ledger management, data integrity, and compliance. We believe that consumers need choice and the ability of FinTechs to offer new, improved, services is a hallmark of a healthy financial system.  Regulation should protect any funds that are deposited by the Consumer. Based on our decades long efforts to build robust banking and payment software under reliable open source licensing, we understand the desire to be moving toward a more open framework in Banking.  Globally we've participated in markets where the open banking protocols are more mature than the United States and we are confident that there is a way to get to a better place for the American consumer and the banking sector. In the European market, where the SEPA instances are now the norm, there is a clearly defined set of processes for Account Opening and Transaction Initiation. In India, the payment stack is based on open APIs and licensing mandates that prevent the mixing of roles. As a result of our experience with Southeast Asian payment systems, SEPA, the India stack, and open framework for payments, we understand that building trust in payments and its associated technology is essential. We’re also enthusiastic about FedNow, and PSP direct participation. FBO (for benefit of) accounts are, in some estimations, a work around for a failure to create robust and trusted approaches to FinTechs participating in a financial ecosystem. These types of accounts obscure ultimate ownership unless the sub-account ledgers are kept assiduously and made fully compliant. BaaSFlow, early on, decided we would offer SAAS Banking software first, proving our value to the banking sector and then create open API driven approaches to FinTech partners.  Our cloud native, open source, core banking technology aims to provide a cornerstone to building a future-proof and trustworthy banking sector in the United States. #fintech #neobank #baas

Spot-on report from CCG Catalyst on core modernization. For banks and credit unions it's far too risky to go with a rip and replace strategy, progressive modernization or a greenfield approach are much more feasible ways to evolve core infrastructure. Our team is experienced in gradually migrating over segments of your customers while running your legacy core in parallel or launching brand new operations on a modem core. Visit https://lnkd.in/gaeFbg67 to learn more about Kenu, our modern open composable core which can power your core modernization.

Upgrade Your Legacy Core Banking System with BaaSFlow! At BaaSFlow, we understand the challenges that Depository Institutions face when it comes to modernizing legacy core banking systems. According to a recent article by the Kansas City Fed, there are three primary scenarios for modernization: Incremental Upgrades, Replacing the Core, and Adopting a New Digital Core. Incremental Upgrades: For institutions looking to enhance their existing systems gradually, BaaSFlow offers modular solutions that seamlessly integrate with your current infrastructure. Our technology ensures minimal disruption while significantly improving performance and capabilities. Replacing the Core: If a complete overhaul is necessary, BaaSFlow's state-of-the-art core banking platform provides a robust, scalable, and future-proof solution. We streamline the transition process, ensuring a smooth and efficient switch with minimal downtime. Adopting a New Digital Core: For those ready to embrace a fully digital banking environment, BaaSFlow's cloud-native, open-source technology is the perfect fit. Our platform supports advanced digital services, enhancing customer experiences and operational efficiency. Why BaaSFlow? 1) API Driven, Cloud Native; 2) Cost-Effective Solutions: We offer competitive pricing without compromising on quality; and 3) Tailored Approach: We work closely with you to understand your specific needs and deliver customized solutions. Upgrade your core banking system with confidence and ease. Choose BaaSFlow for a seamless, cost-effective, and future-ready solution. https://lnkd.in/eQ8yH6xX #CoreBanking #BankingTechnology #DigitalTransformation #BaaSFlow #FinancialInnovation

Please watch BaaSFlow's founder and CEO, James Dailey, demonstrating our cloud native core banking tech at the FinovateSpring conference in San Francisco in May. Our cost efficient, open source, and scalable technology solutions enable financial institutions to migrate from their legacy banking systems to an adaptive core banking platform that empowers them to provide robust digital financial services to their members and customers.   If you would like to learn more about BaaSFlow and our future-proof banking technology please email larry.meyers@baasflow.com. Thank you. https://lnkd.in/eFu7QZYy #corebanking #fintech #creditunions #banks #neobanks

We’re excited to be a part of this journey and for the recognition in Forbes. A new fintech is on the scene in Hungary.

Baasflow is proud to support the strong evolution of the Fineract platform for banking and loans. We commit to upstream development to lead a vibrant community.

Founded in 2002, BaasFlow is the first new core banking demo William Mills has seen in a long time. James Dailey, CEO and Co-Founder, presents its all-cloud-based solution. #FinovateSpring