NY’s Five Star Bank pivots away from BaaS | Banking Dive
WEB1 day 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 · The collapse and bankruptcy of BaaS fintech Synapse has revealed how treacherous things are for the often-interdependent fintech world when one key player hits trouble. Synapse operated a...
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.
Two banks explain why they are going the BaaS 'middleware' route
WEBAug 7, 2024 · A number of financial institutions with BaaS programs insist on direct contracts only. But others say middleware has its merits — and helps them do their job better.
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, Inc. Announces Intent to Begin Winding …
WEB4 days ago · The parent company of Five Star Bank plans to initiate an orderly wind down process for its Banking-as-a-Service offerings, which as of June 30, 2024 represented about 2% of deposits and under 1% ...
Five Star Bank scraps banking-as-a-service offerings - Buffalo …
WEB4 days ago · BaaS offerings represent a tiny fraction of Five Star's balance sheet. As of the second quarter, they accounted for $108 million in deposits — 2% of Five Star's total — and $31 million in ...
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.
BaaS served three ways: A closer look at a rapidly evolving market
WEBOct 10, 2021 · The BaaS market is evolving rapidly and so are the options for companies who wish to quickly spin up new financial services by leveraging these bank-in-a-box APIs.
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