White Label Banking: A Guide for Lenders & Financial Institutions

Businesses looking to develop new offerings and product functionalities can now easily outsource entire technology stacks and tedious regulatory administration. We’re the technical facilitators, and our white label open banking services is the bridge between you and the bank. Portfolio+ is at the forefront of the open banking movement in Canada.

Here’s a look inside how private labeling is transforming the banking industry. Biometric features, such as digital fingerprint scanners and facial recognition software, are now standard demands from digital lending customers, particularly given the recent surge in mobile banking. Verified Payments brand belongs to Verified Payments UAB company which is a payment service provider in Eurosystem.

What is white label banking?

We handle ongoing maintenance and technical support, thus, our clients feel confident while staying focused on their business. Portfolio+ offers innovative, mission-critical solutions to banks and financial institutions.

  • Our specialists will guide your technical team through the process.
  • You know your target customers better than anyone, and white label open banking services allow you to design the best solution for your customers.
  • Work with your own licenses and stay fully in control.
  • Banks that are looking to enhance their IT systems can effectively integrate our API solutions to extend their services and capacity.
  • But let’s not repeat ‘the sins of the past’ and pour all capital into building a ‘unique stack that will make a difference’.
  • A reselling company can charge its customers a premium.
  • Building, launching and even migrating a bank’s operations can be done digitally and with brand new technology today.

As we have a deep heritage in the financial services world, we can also extend our payments capability into a full service based digital or agency banking system. Here we could either build a neo-banks from scratch or an agency banking platform tied to a very strong merchant/payments backbone. As a white label service provider our only concern is helping you. Defining new customer experiences in payments and commerce, simplifying your operation into one rail fits all.

What is a White Label Bank?

White labeling is about putting your brand on something and making it better. Across industries, digital technologies are democratizing information to spur more competition and innovation. Because of this, the trend towards “open access” will only become more pervasive. In the banking industry, particularly, the open banking movement has been unfurling from its epicenter in the UK and stretching across the globe for the past few years. But let’s not repeat ‘the sins of the past’ and pour all capital into building a ‘unique stack that will make a difference’.

How much money does the average person retire with?

Average Retirement Income in 2021. According to U.S. Census Bureau data, the median average retirement income for retirees 65 and older is $47,357. The average mean retirement income is $73,228. These numbers are broken down into median and mean to more fully understand the average retirement income.

A reselling company can charge its customers a premium. Because of their position on the market, different retailers can charge differently for the same products. White-label platform branded and customized for your banking solution. Ultimately, BaaS is a model for creating white label banks. That’s what white label banking is all about, too. Private labeling has long been a pervasive strategy in retail, where products are made by third party manufacturers and sold under a retailer’s name. The cost to manufacture is often much lower than reselling another brand name, resulting in higher margins and increased revenue for sellers.

Neobanks Are Fully Digital, White-Label Banks that Occupy the Top Two Layers of a Banking as a Service (BaaS) Stack

What good is a banking API without smooth onboarding with banks? Working with Klarna opens the door to over 250 banks in Europe with straightforward and hassle-free sign-up processes.

white labeling banking

You’ll have access to Klarna engineers who know our white label finance APIs inside and out. No matter how specific your question or complex your issue is, we’ve got your back to keep your operations going. EIDAS certificate files (QWAC + QSeal), which is a digital representation of the PSD2 license and issued by an eligible certification institute. This certificate essentially speaks ‘the digital language’ and allows partnering banks to identify you as a legal party permitted to access data.

Powerful data and analysis on nearly every digital topic

This strategy provides these third parties with fundamental functions that rival traditional lenders. People using mobile apps or web services supported by white label banking services have access to more seamless user experiences without a break in flow. Users only have to leave your experience to log-in to their bank’s site or mobile app without encountering any other parties in between. It could even be a bank—or a fintech, as we’ll explore shortly—but it could be a line of clothes or beauty products. Now, imagine dipping that finished product into a big bucket of white paint. When you pull it out, it’s basically an entirely new product that’s free for you to make it your own! You have complete creative control over how you’re going to influence its existence in the market—once the paint dries, of course.

white labeling banking

Addressing these barriers to entry often requires white label banking solutions, which provide the cost-effective and advanced financing solutions necessary to keep pace with a fast-moving digital landscape. “White label banking” is a process in which banks provide third parties with access to proprietary application program interfaces to create custom financial products, such as Buy Now, Pay Later . It allows lenders to explore new revenue streams by giving them complete control over branding and customer experience.

Pan-African Mobile Banking Solution

We provide the tools to guide you through the onboarding process of hundreds of European banks. We offer a detailed guide for each bank, so you can kick back and save your precious time and effort as we do the leg work. With Klarna’s Open Banking White Label Solution, we don’t provide a user interface. That means you’re only working with an API that tells you the essential elements needed at the frontend. The API presents features like a login form with input fields, and it’s your job as the integrator to render an interface for your users. White labelling allows you to identify specific areas of your product or service offering that you don’t have the necessary specialisations to handle fully. It’s a tool to outsource the need to a third party that’s able to develop a solution for you.

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