Next-gen core banking provider Yobota has announced its move into the Banking-as-a-Service (BaaS) market through a new partnership with Chetwood Financial.
London-based Yobota has partnered with Chetwood to intermediate a version of the bank’s new BaaS offering. The technology vendor provides the core banking system (CBS) that enables businesses to embed lending and deposit products into their proposition, and thereby offer fully compliant financial services to end-customers under Chetwood’s banking licence.
Yobota offers pre-packaged, regulatory compliant products and processes built on top of its cloud- native CBS and quant engine. It also provides an extensive suite of APIs required for integrated banking services.
Its flexible architecture allows businesses to configure bespoke, intelligent, and scalable financial products.
The vendor’s BaaS components include core banking provision, APIs that can be deployed against bank partners, regulatory coverage, white labelling, consultancy, and partnerships.
Ammar Akhtar, CEO of Yobota, said: “This move marks a significant milestone in Yobota’s relatively short history, and we’re proud to have partnered with Chetwood at this critical stage in our journey.
“We entered the BaaS space knowing we had something unique to offer. By combining our innovative core banking platform and the proven foundation of our bank partners, businesses can quickly and efficiently build customised, secure and scalable financial products.
“A cloud-based, modular, and API-driven approach to architecture is fundamental to delivering BaaS, and at Yobota we have kept these requirements sacred in the creation of our platform. Our team of developers can oversee the technical challenges involved in bringing new offerings to life, while our financial expertise means our platform meets strict compliance and ongoing regulatory requirements.”
Andy Mielczarek, Founder and CEO of Chetwood Financial, said: “Chetwood is proud to be opening our banking systems to third parties who want to create better end-to-end journeys for their customers. Together with experienced partners like Yobota, we are able to handle both the regulatory and technological complexities involved in helping brands embed financial services directly into their propositions.”
