NY’s Five Star Bank pivots away from BaaS | Banking Dive
WEB3 days ago · Dive Brief: Warsaw, New York-based Five Star Bank will wind down its banking-as-a-service offerings and aim to exit that space next year, the bank said this week in a release. Five Star’s BaaS efforts account for 2% of the bank’s total deposits ($108 million) and less than 1% of the bank’s total loans ($31 million), as of June 30, the ...
Synapse’s collapse has frozen nearly $160M from fintech users — …
WEBAug 22, 2024 · Synapse, a BaaS fintech that offered banking services to other fintechs, filed for bankruptcy and liquidation in 2024, leaving millions of customers without access to their funds. The article...
Why Direct Relationships Are The Way Forward For BaaS
WEBMar 14, 2024 · BaaS provider Treasury Prime announced that it will start selling its technology directly to banks and no longer sit between a bank and its fintech partners operationally. This move is in ...
Where Is Banking-As-A-Service Headed In 2024? - Forbes
WEBDec 12, 2023 · When looking toward the future of the fintech industry in 2024, one of the most salient questions is what developments we may see in Banking-as-a-Service, or BaaS.
Did regulators send warning shot at already roiled BaaS space?
WEBJul 31, 2024 · A potential shortfall of $65 to $96 million has been identified, between what consumers are owed and the funds held on their behalf by Synapse partner banks. That mess has highlighted a need for clearer guidance related to bank-fintech relationships, regulatory officials have suggested.
Cross River CEO predicts ‘bonanza’ for fintech, BaaS banks in 2024
WEBOct 25, 2023 · Cross River CEO predicts ‘bonanza’ for fintech, BaaS banks in 2024 While elevated interest rates continue to hammer traditional firms, BaaS remains a strong business model for tech-savvy firms who have fostered …
Financial Institutions Plans to Exit Banking-as-a-Service Business
WEB6 days ago · Financial Institutions says it’s getting out of the banking-as-a-service (BaaS) business. The bank holding company, owner of Five Star Bank and Courier Capital, announced Monday (Sept. 16) it ...
Bankers Say BaaS Turmoil Primes Future Growth - The Financial …
WEBMar 4, 2024 · To the casual observer, it might appear that the emerging field of banking-as-a-service (BaaS) — in which banks partner with fintech firms to offer banking services outside the realm of traditional bank branches — is under assault.
News - The BaaS (Banking-as-a-Service) Association
WEBMar 9, 2023 · Bankers Helping Bankers Launches BaaS AssociationPRESS RELEASE April 13, 2022AUSTIN, Texas - Bankers Helping Bankers is pleased to announce the creation of the BHB Banking-as-a-Service (BaaS) Association, aimed at serving the unique needs of BaaS banks.
Banking As A Service: Current State And The Future - Forbes
WEBFeb 1, 2024 · BaaS: The Future Outlook. BaaS is actively reconfiguring the banking value chain and holds immense potential to transform the financial services industry as we know it.